Would you like to receive notifications on latest updates of the following headlines?

Dangote Refinery reduces petrol price by two per cent

POSTED ON November 25, 2024 •   BUSINESS      BY Benedicta Bassey
Dangote Refinery. Photo: @DangoteGroup/ X

NIGERIA  — Dangote Petroleum Refinery has reduced the price of Premium Motor Spirit, PMS, also known as petrol by two per cent to N970 per litre, from the previous price of N990 per litre.

This information was contained in a statement issued by the Group Chief Branding and Communications Officer, Dangote Petroleum Refinery, Anthony Chiejina.

According to the statement, “Dangote Petroleum Refinery has effected a reduction in the prevailing price of its PMS from N990 per litre to N970 per litre for the marketers.

Dangote refinery statement

“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 its support as this will complement the measures put in place to encourage domestic enterprise for our collective wellbeing.

“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.”

Reacting to the development, oil marketers, under the auspices of the Petroleum Products Retail Outlets Owners Association of Nigeria, PETROAN, have began negotiation, targeted at putting in place clear terms to lift petrol from the $20 billion Dangote Refinery.

Chairman of PETROAN, Billy Gillis-Harry, who confirmed the deal, according to the Vanguard report said: “We have started negotiating with the refinery. It will not be one of those deals. We need concrete terms to be discussed, agreed and signed for the business relationship. We need to agree on daily, weekly, or monthly quantity, price, and logistics.

“Everything has to be clearly stated because we need to reduce or eliminate unnecessary inconveniences, including delays, which usually culminate in high cost of operations while impacting the ease of doing business in Nigeria.”

Recall that the Federal government granted the approval for marketers to begin lifting from the Dangote Refinery without going through the Nigerian National Petroleum Company Limited, NNPCL.

Sequence to the approval, the members of Major Energy Marketers Association of Nigeria, MEMAN, have commenced direct lifting of petrol from the refinery.

READ ALSO
CBN Maintain Interest Rate at 27.5%
BY Abiodun Saheed Omodara July 22, 2025 0

The Central Bank of Nigeria (CBN) has decided to keep the country's Monetary Policy Rate (MPR) at 27...

READ ALSO
Economic Reforms Slash Nigeria's Debt Servicing from 97% to 50%- Oloyede
BY Abiodun Saheed Omodara July 22, 2025 0

The Chairman of the Presidential Fiscal Policy and Tax Reforms Committee, Taiwo Oyedele, revealed th...

READ ALSO
CBN, Private Sector Raise Concerns Over Nigeria Customs' B’Odogwu Digital Clearance System
BY Abiodun Saheed Omodara July 21, 2025 0

The Central Bank of Nigeria (CBN) and the organized private sector have expressed concerns regarding...

READ ALSO
Nigeria-Egypt Trade Surges by 68%, Foreign Minister Highlights Trade Imbalance
BY Abiodun Saheed Omodara July 21, 2025 0

Trade between Nigeria and Egypt has seen a significant increase of 68.45 percent over the past year....

READ ALSO
Enugu State Cuts Electricity Tariff for Band A Customers to N160/kWh, Effective August 1, 2025
BY Abiodun Saheed Omodara July 21, 2025 0

The Enugu State Electricity Regulatory Commission has released a new tariff order for MainPower Elec...

READ ALSO
Naira Weakens 0.14% Despite Initial Gains, Closing at 1,532.34/$
BY Abiodun Saheed Omodara July 21, 2025 0

The naira ended the past week weaker than the week before, depreciating by 0.14% week-on-week to rea...

READ ALSO
Nigeria's Electricity Tariff Subsidy Soars to N1.94 Trillion in 2024, Marking a 219.67% Increase
BY Abiodun Saheed Omodara July 18, 2025 0

The electricity tariff subsidy from the Federal Government has increased significantly from N610 bil...

READ ALSO
Nigeria Should Aim for 60,000 Megawatts of Power Generation- Dangote
BY Abiodun Saheed Omodara July 17, 2025 0

President of the Dangote Group, Alhaji Aliko Dangote, argues that Nigeria's low electricity generati...

OUR CHANNELS:

Nigeria Police Force Dismantles Notorious Arms Supply Network Linked to Bandits
BY Abiodun Saheed Omodara July 23, 2025 0

The Nigeria Police Force has successfully intercepted a notorious arms supply network linked to armi...


Maduka Okoye Suspended for Two Months Amid Betting Scandal
BY Abiodun Saheed Omodara July 25, 2025 0

Udinese and Nigerian goalkeeper Maduka Okoye has received a two-month suspension from the Italian Fo...


APC's National Assembly Power Grows to 70 with PDP Senator Defections
BY Abiodun Saheed Omodara July 24, 2025 0

The number of All Progressives Congress (APC) senators in the National Assembly increased to 70 on W...


Lagos State Mobile Court Prosecutes Five for Illegal Waste Disposal
BY Abiodun Saheed Omodara July 25, 2025 0

At least five individuals have been brought before a mobile court in the Bolade area of Oshodi, Lago...


Federal High Court Discharges Female Drug Offender on Compassionate Grounds
BY Abiodun Saheed Omodara July 24, 2025 0

Justice Daniel Osiagor of the Federal High Court in Lagos on Tuesday issued a caution and discharged...


APC Set to Appoint New National Chairman at Thursday's NEC Meeting
BY Abiodun Saheed Omodara July 24, 2025 0

A new National Chairman for the ruling All Progressives Congress (APC) may be appointed on Thursday...


Military Jet Crash at Dhaka School Claims 31 Lives, Sparks Nationwide Outrage
BY Abiodun Saheed Omodara July 24, 2025 0

Dhaka, Bangladesh – Grief and anger swept across Bangladesh following the tragic crash of a mi...


UK Sentenced Traffic Robber to 24 Years for Killing Footballer
BY Abiodun Saheed Omodara July 24, 2025 0

A court in the United Kingdom has sentenced 27-year-old Oguzcan Dereli to 24 years in prison for the...


Nigerian Lawmakers Demand Reversal of U.S. Visa Policy Changes Amid Concerns Over Economic Impact
BY Abiodun Saheed Omodara July 24, 2025 0

The House of Representatives on Tuesday urged the U.S. government to reinstate the five-year multipl...


CBN Maintain Interest Rate at 27.5%
BY Abiodun Saheed Omodara July 24, 2025 0

The Central Bank of Nigeria (CBN) has decided to keep the country's Monetary Policy Rate (MPR) at 27...


More Articles

Load more...

Menu