Lagos, Nigeria – December 19, 2024
In an attempt to stabilise the fuel market and provide relief to consumers, Dangote Refinery has announced a reduction in the price of Premium Motor Spirit (PMS), commonly known as petrol, to N899 per litre. This price cut comes just in time for the festive season, offering much-needed financial relief to Nigerians.
The new pricing structure is designed to support marketers and enhance supply. For cash purchases of two million litres, the price is set at N899.5 per litre, with an additional two million litres available on a bank guarantee valid for 15 days from Access Bank, Zenith Bank, and First Bank¹². For higher volumes, marketers can purchase 10 million litres at N895 per litre under similar terms.
Anthony Chiejina, Group Chief Branding and Communications Officer for Dangote Group, emphasized the company’s commitment to easing transport costs during the holiday season. “To alleviate transport costs during this holiday season, Dangote Refinery is offering a holiday discount on PMS. From today, our petrol will be available at N899.50 per litre at our truck loading gantry or SPM,” Chiejina stated.
This reduction follows a previous adjustment in November, where the price was lowered to N970 per litre. The latest price cut is expected to alleviate some of the cost pressures on independent marketers and, by extension, consumers.
Market observers anticipate that this move will help stabilize the market and ensure a steady supply of petrol, especially during the high-demand festive period.
