Oil marketers under the Independent Petroleum Marketers Association of Nigeria have projected a decrease in the retail price of Premium Motor Spirit to N950 per litre in Lagos State.
In addition, IPMAN also indicated that customers in the Federal Capital Territory may pay around N990 per litre.
The IPMAN National Publicity Officer, Chief Chinedu Ukadike, disclosed this during an interview stressing that the product will now trade for less than a thousand naira, according to The Punch.
He said, “Once there is a price reduction, it will trickle down. There will be a change to the pump price. It will be less than N1,000. But the difference will be determined by location. It may be N950 in Lagos and possibly N990 in Abuja. Logistics will play a key role. Remember that the price of diesel hasn’t reduced and that is what we put in our tankers.”
The expected reduction in petrol prices follows the decision by the Dangote Petroleum Refinery to lower its ex-depot price to N899.50 per litre.
This marks the second price decrease within a month, with a reduction of N71 (7%) from the previous price of N970 per litre set on November 24.
On Thursday, the Group Chief Branding and Communications Officer of Dangote Group, Anthony Chiejina announced the introduction of a special petrol price offer aimed at benefiting Nigerians.
In addition to the holiday discount, Dangote Petroleum Refinery announced that customers can now purchase an additional litre of fuel on credit for every litre bought on a cash basis.
The refinery offered a price of N899.5 (cash payment) for two million litres and a matching two million litres on a Bank Guarantee valid for 15 days (Access, Zenith & First Bank) from the N970 per litre announced by the company last month.
The refinery also proposed a price of N895 per litre for cash payments on 10 million litres of fuel, with a matching 10 million litres available on a bank guarantee (BG) valid for 15 days through Access, Zenith, and First Bank.
This reduction is aimed at providing much-needed relief to Nigerians in the lead-up to the holiday season, making fuel more affordable during this period of increased demand.
Chiejina said, “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. 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.”
The refinery expressed its gratitude to Nigerians for their continued support as the country enters the festive season.
Chiejina further emphasized the refinery’s commitment to ensuring that Nigerians have access to premium-quality petroleum products that are competitively priced, environmentally friendly, and engine-safe.
He highlighted that the Dangote Petroleum Refinery’s operations mark the end of Nigeria being a dumping ground for substandard and “blended” imported products, which have posed significant risks to human health, machinery, and the environment.
“The Dangote Refinery, with a capacity of 650,000 barrels per day, is the largest single-train refinery in the world. It is fully capable of meeting 100 per cent of Nigeria’s refined petroleum product requirements, with a surplus available for export,” Chiejina added.
