Petrol price reduction: Dangote to refund N65 per litre to marketers
In a significant move to alleviate fuel costs for Nigerians, Dangote Petroleum Refinery & Petrochemicals has announced a reduction in the ex-depot price of Premium Motor Spirit (PMS), commonly known as petrol, from ₦890 to ₦825 per litre. This ₦65 per litre reduction aims to ensure that the benefits of lower fuel prices are passed on to consumers nationwide.
To further support this initiative, the refinery has committed to refunding the ₦65 per litre difference to oil marketers who purchased petrol at the previous higher rate. This refund applies to purchases made through Dangote's key partners—AP (Ardova Plc), Heyden, and MRS Oil—across Nigeria. Marketers who bought fuel at the earlier price of ₦890 per litre are eligible for this reimbursement, ensuring they do not incur losses due to the price adjustment.
This proactive approach by Dangote Refinery is part of its ongoing efforts to make fuel more affordable for Nigerians, aligning with President Bola Tinubu's Renewed Hope Agenda, which aims to stimulate the economy and reduce the cost of living. The refinery's management emphasized that the price reduction and subsequent refunds are designed to provide essential relief to Nigerians, particularly in anticipation of the upcoming Ramadan season.
The recent price cut marks the second reduction by Dangote Refinery within a month. Earlier in February, the refinery decreased the ex-depot price of PMS by ₦60 per litre, bringing it down from ₦950 to ₦890 per litre. The cumulative effect of these reductions is a total decrease of ₦125 per litre within 26 days, reflecting the refinery's commitment to easing the financial burden on consumers.
In addition to the price reduction, Dangote Refinery has assured consumers of a steady supply of petroleum products. The refinery maintains sufficient reserves to meet domestic demand and has surplus production capacity for export, contributing to Nigeria's foreign exchange earnings. This assurance is expected to stabilize the market and prevent potential supply shortages.
The refinery has also urged petroleum marketers to support its price reduction efforts by ensuring that the lower ex-depot prices are reflected at the pump. This collaboration is crucial to ensure that the intended benefits reach the end consumers, resulting in reduced transportation and living costs.
The Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN) has lauded Dangote Refinery's decision, highlighting that the price reduction will alleviate the suffering of Nigerians and reduce the cost of living and transportation during this festive period.
Consumers who purchase fuel above the advertised rate at any of Dangote's key partner outlets are encouraged to report to the refinery with their receipts for a full refund of the excess amount. This measure ensures transparency and fairness in the distribution of petroleum products, reinforcing the refinery's commitment to consumer welfare.
In summary, Dangote Petroleum Refinery & Petrochemicals' recent initiatives—including the ₦65 per litre price reduction and the corresponding refunds to marketers—underscore its dedication to making fuel more affordable and accessible to Nigerians. These efforts are expected to have a positive ripple effect on the economy, reducing transportation costs and the overall cost of living for the populace.
