Nigeria’s richest man, Aliko Dangote, has revealed why his Dangote Refinery reduced the cost of premium motor spirit (PMS) to N899 per litre.
He spoke during an interview with Arise TV that was posted on YouTube, he mentioned the price reduction was to protect the stakeholders interest and the investment made on the refinery.
He said, “The price reduction is a response to the markets. Just put it that way. It is a refinery where we invested over $20 billion, and I think we have to try and protect our interests and also our investments.”
Following the price reduction of N970 to N899 from the refinery on December 19, NNPCL also engaged in its own price reduction to N965.
The Refinery also went into partnership with MRS to sell at N935 which is lower than NNPCL’s price.
This competitive pricing between Dangote Refinery and NNPCL is applauded by the marketers as they hope the price of PMS will move further down.
Naijaeyes report!
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