₦899.50 Per Litre: Dangote Refinery Cuts Petrol Price by ₦70.5 Ahead of Festive Season
Less than three weeks after slashing the price of Premium Motor Spirit (PMS) to ₦970, the Dangote Petroleum Refinery has announced another reduction, bringing the price to ₦899.50 per litre.
According to the mega refinery, this latest move, announced on December 19, aims to reduce transport costs and ease Nigerians’ financial burdens during the holiday season.
Anthony Chiejina, Group Chief Branding and Communications Officer of Dangote Group, said in a statement that the reduction underscores the refinery’s commitment to providing affordable and high-quality petroleum products.
“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 ₦899.50 per litre at our truck loading gantry or SPM,” Chiejina said.
In addition to the price reduction, the refinery introduced a special purchase offer to further benefit consumers.
“Furthermore, for every litre purchased on a cash basis, consumers will have the opportunity to buy another litre on credit, backed by a bank guarantee from Access Bank, First Bank, or Zenith Bank,” Chiejina added.
In late November, Neusroom reported that Nigerians—regardless of whether they are members of the Independent Petroleum Marketers Association of Nigeria (IPMAN)—can now lift petrol directly from the refinery. Hence, the credit offer of buying one litre for every litre purchased, which will be backed by any of the listed banks, is expected to provide Nigerians with greater flexibility during the financially demanding festive period.
In a related event, the announcement of the price reduction by Dangote Refinery comes just hours after the Major Energy Marketers Association of Nigeria (MEMAN) disclosed that the landing cost of PMS had marginally decreased by ₦1, from ₦971 in November to ₦970 in December 2024.
While oil marketers continue to import petrol into the country, Dangote Refinery, with a capacity of 650,000 barrels per day, is not only capable of meeting 100% of Nigeria’s refined petroleum needs but also has surplus capacity for exports.
Recall that the refinery recently exported its first batch of petrol to Cameroon on December 12, signaling its readiness to dominate the regional market. This development was confirmed by Chiejina to Neusroom.
As Nigeria enters the festive season, which often witnesses a hike in transportation costs, the price reduction by Dangote Refinery is poised to bring tangible relief to millions of Nigerians.
