Pump Price of Premium Motor Spirit (PMS) also called petrol is set to reduce soon as Dangote Refinery has announced reduction of price sold to marketers.
The refinery said it has adjusted its price from N990 a litre to N970.
This is following the reduction in the landing cost of imported petrol to N971 per litre.
LEADERSHIP checks reveal that the landing cost of petrol to the country has dropped to approximately N971 per litre. This marks a significant decrease from previous months, influenced by fluctuations in the Naira-dollar exchange rate and global crude oil prices.
In spite of this reduction in landing costs, retail prices at filling stations remained high, ranging from N1,060 to N1,200 per litre due to various factors including transportation and distribution costs. This is likely to change following the reduction by Dangote refinery.
Dangote Refinery, in a statement signed by its group chief branding and communications officer, Anthony Chiejina, said “As the year comes to an end, this is our way of appreciating the good people of Nigeria for their unwavering support in making the refinery a dream come true. In addition, this is to thank the government for their support as this will complement the measures put in place to encourage domestic enterprise for our collective well- being.”
The company further said, “While the refinery would not compromise on the quality of its petroleum products, we assure you of best quality products that are environmentally friendly and sustainable. We are determined to keep ramping up production to meet and surpass our domestic fuel consumption; thus, dispelling any fear of a shortfall in supply.”
According to Chiejina, the refinery would continue to ramp up production to ensure supply sustainability in the domestic market.
This adjustment is coming amidst crude supply gap by the Nigerian National Petroleum Corporation (NNPC) which the management has accused of failing to meet its crude oil supply obligations under the naira-for-crude agreement.
The vice president of the Dangote Group, Edwin Devakumar, disclosed this in a statement reported by Reuters.
Devakumar explained that the national oil company had committed to supplying the refinery with a minimum of 385,000 barrels per day (bpd) under the crude-for-naira deal.
However, he alleged that the NNPC is falling short of this commitment.
According to Reuters, Devakumar characterised the volume of crude currently supplied by NNPC Limited as “peanut,” though he did not specify the exact amount
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