The Dangote Petrochemicals Refinery has announced a significant reduction once again in the price of its Premium Motor Spirit (PMS) commonly known as petrol, below the N835 per litre that was previously announced.
On Monday, sources verified that the refinery had successfully loaded its products, resulting in a N10 refund for its consumers, bringing the price down to N825 per litre.
Marketers are still paying N835 per litre for products, according to the sources, however, they get a N10 refund after they load and remove them from the refinery.
The official said, “The Dangote refinery has started giving a rebate on its products. It’s not an official reduction yet, but paid back after marketers buy products from them.”
The development came just weeks after the refinery made two consecutive price cuts within a single week in April, slashing its gantry price from N880 to N835 per litre, a significant N45 drop.
Following an earlier suspension, the Naira-for-Crude arrangement with local refiners was resumed and fully implemented.
Efforts to get an official reaction from Dangote Spokesperson, Anthony Chiejina, on the price reduction were futile.
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[…] They ascribed this to growing losses due to volatile and erratic prices for Premium Motor Spirit (petrol), which are sold by PMS importers and the Dangote Petroleum Refinery. […]