Korede Abdullah in Lagos
In a move aimed at stabilizing the market and supporting marketers, Dangote Refinery has announced a significant reduction in petrol prices.
The new prices see petrol rates drop to as low as N899 per litre for two million litres. This development marks a continued effort by the refinery to enhance supply to marketers and calm market tensions.
The new pricing structure offers petrol at N899.5 per litre for cash purchases of two million litres, with an additional two million litres available on a bank guarantee valid for 15 days from Access, Zenith, and First Bank.
This was contained in a statement issued by the Group Chief Branding and Communications Officer of Dangote Group, Anthony Chiejina, on Thursday.
This was effected in a bid to offer Nigerians some relief as the holiday season approaches.
While making announcement of the special purchase offer, Chiejina said consumers can now buy an additional litre of fuel on credit for every litre purchased in cash, provided they secure a bank guarantee from Access Bank, First Bank, or Zenith Bank.
For higher volumes, marketers can purchase 10 million litres at N895 per litre with an equivalent matching volume on the same bank guarantee terms.
This price adjustment is the second in recent months, following a reduction to N970 per litre in November.
Market observers anticipate that the price reduction will alleviate some of the cost pressures on independent marketers and, by extension, consumers.
The refinery’s latest move comes at a critical time for Nigeria’s energy sector, as stakeholders navigate challenges surrounding fuel availability and affordability.
The price reduction is expected to have a positive impact on the market, with stakeholders hoping it will lead to increased fuel availability and lower prices at the pump.
As the energy sector continues to evolve, Dangote Refinery’s efforts to stabilize the market and support marketers are seen as a step in the right direction.
