In a bold move aimed at bringing relief to Nigerian consumers, the Dangote Petroleum Refinery has announced another reduction in the ex-depot price of Premium Motor Spirit (PMS), popularly known as petrol. The new rate has dropped from N840 to N820 per litre, marking the second price cut within a week having previously dropped from N880 to N840.
According to a statement by Dangote Group spokesperson Anthony Chiejina, the price reduction takes immediate effect. He attributed the initial fluctuations in petrol prices to the volatile global crude oil market, worsened by a recent 12-day geopolitical crisis in the Middle East that sent crude oil prices soaring.
Chiejina revealed that existing partners such as MRS, Heyden, Ardova (AP), Hyde, Optima, and Techno Oil will now sell the product at the new rate across their retail outlets. He also confirmed the onboarding of more independent marketers into the Dangote distribution chain, including TotalEnergies, Garima Petroleum, Sunbeth Energies, Sobaz Nigeria Ltd., and Virgin Forest Energy, among others.
This move is seen as a strategic step by Dangote to stabilize fuel prices and increase accessibility for Nigerians.
