The Independent Petroleum Marketers Association of Nigeria (IPMAN) has expressed optimism about a potential reduction in petrol prices across the country, following a move by Dangote Refinery to lower the price of Premium Motor Spirit (PMS).
Dangote Refinery has slashed the price of PMS to N899.50 per litre, offering much-needed relief to Nigerians ahead of the festive holiday season. This price cut is seen as part of the company’s Christmas/New Year bonanza, aimed at reducing transportation costs during the holidays.
In a statement, Anthony Chiejina, the Group Chief Branding and Communications Officer of Dangote Group, confirmed the holiday discount and announced an additional incentive. Consumers will now be able to purchase an extra litre of fuel on credit for every litre bought on a cash basis. The credit offer is supported by a bank guarantee from major financial institutions, including Access Bank, First Bank, and Zenith Bank.
“To alleviate transport costs during this holiday season, Dangote Refinery is offering a holiday discount on PMS. From today, our petrol will be available at N899.50 per litre at our truck loading gantry or SPM. Furthermore, for every litre purchased on a cash basis, consumers will have the opportunity to buy another litre on credit, backed by a bank guarantee from Access Bank, First Bank, or Zenith Bank,” said Chiejina.
IPMAN’s National Public Relations Officer, Alhaji Olanrewaju Okanlawon, indicated that the impact of this reduction should be seen in the market by next week.
Energy expert, Dr. Ayodele Oni, suggested that the price cut could alleviate public dissatisfaction with the high cost of fuel and potentially bolster confidence in the ongoing deregulation of Nigeria’s petroleum sector.
As the country approaches the holiday season, Nigerians are hopeful that this reduction in fuel prices will ease the financial strain on households and transport operators alike.
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