The Dangote Group’s Chief Branding and Communications Officer, Anthony Chiejina, has explained why Dangote Petrolchemical Refinery on Sunday slashed the price of its Premium Motor Spirit or petrol from N990 per litre to N970/litre.
According to him, this amount is what marketers would buy the product from the refinery.
In a statement on Sunday, Chiejina said the reduction was to appreciate Nigerians as the year ends.
“As the year ends, this is our way of appreciating the good people of Nigeria for their unwavering support in making the refinery a dream come true. In addition, this is to thank the government for their support as this will complement the measures put in place to encourage domestic enterprise for our collective well-being,” the statement read.
Chiejina stated further that the refinery would not compromise on the quality of its petroleum products while assuring Nigerians of the best quality products that are environmentally friendly and sustainable.
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“We are determined to keep ramping up production to meet and surpass our domestic fuel consumption; thus, dispelling any fear of a shortfall in supply,” the statement concluded.
The Major Energies Marketers Association of Nigeria ( MEMAN)said on Friday that the landing cost of imported petrol is now N971/litre.
Recently, both independent and major marketers confirmed that petrol pump prices had started reducing in many parts of the country due to the competition caused by the deregulation of the downstream sector.
The spokesman, the Independent Petroleum Marketers Association of Nigeria, Chinedu Ukadike, said the agreement between IPMNAN and the Dangote refinery is gradually pushing down the price of PMS.
“By just the announcement that IPMAN and Dangote have met and are ready to transact business, the prices of products have crashed. You would have noticed the drop in prices by N10, N15, or so, and this is due to competition.
