In a significant move aimed at easing fuel costs for oil marketers and appreciating the unwavering support of Nigerians, the Dangote Petroleum Refinery has announced a price reduction for Premium Motor Spirit (PMS), commonly known as petrol.
The ex-depot price has been reduced from ₦990 to ₦970 per litre, according to a statement released on Sunday by Anthony Chiejina, the company’s Chief Branding and Communications Officer.
The reduction in petrol price is being positioned as a gesture of gratitude to Nigerians, whose support has been instrumental in bringing the ambitious refinery project to fruition. “This is our way of thanking Nigerians for their unwavering support in making the refinery a reality,” Chiejina stated.
Dangote Refinery Reduces PMS Price To N970 pic.twitter.com/tKx0knKzW5
— Dangote Group (@DangoteGroup) November 24, 2024
The statement also acknowledged the federal government’s role in fostering an environment that supports domestic enterprise. “This price adjustment is not only a show of appreciation but also a complement to the government’s measures aimed at encouraging local enterprise for the collective well-being of all Nigerians,” the statement added.
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Despite the price reduction, the Dangote Refinery assured stakeholders that it would not compromise on the quality of its petroleum products. The company emphasized its commitment to delivering environmentally friendly and sustainable products that align with global standards.
Chiejina highlighted the refinery’s long-term goals, stating, “We are determined to ramp up production steadily to meet and exceed Nigeria’s domestic fuel consumption needs, thereby eliminating fears of supply shortfalls.”
This price slash is a win for oil marketers, who will now save ₦20 per litre on petrol purchased from the refinery. The cost reduction is expected to ease the financial burden on marketers and potentially contribute to stabilizing fuel prices for consumers.
Located in Lekki, Lagos, the Dangote Refinery is a flagship project that aims to transform Nigeria’s oil and gas sector. By prioritizing domestic fuel production, it seeks to reduce the country’s reliance on imported petroleum products, enhancing energy security and economic stability.
The Dangote Refinery, which began operations earlier this year, is Africa’s largest petroleum refinery. It is poised to reshape the energy landscape by addressing the country’s longstanding fuel supply challenges. The refinery has a daily production capacity of 650,000 barrels, making it one of the most ambitious infrastructure projects on the continent.
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The recent price adjustment underscores the refinery’s mission to foster economic growth while meeting the needs of the Nigerian populace. By reducing costs and ramping up production, the Dangote Refinery is setting a benchmark for efficiency, quality, and sustainability in Nigeria’s downstream oil sector.
As the Dangote Refinery continues to expand its operations, stakeholders are optimistic about its potential to reduce fuel costs, stabilize the market, and ensure a steady supply of petroleum products across the country. This latest price reduction serves as a testament to the refinery’s commitment to delivering value to both oil marketers and consumers, paving the way for a more sustainable and self-reliant energy future in Nigeria.
By balancing affordability with quality, the Dangote Refinery is reinforcing its position as a transformative force in Nigeria’s economic and energy sectors.