The ex-depot price of Premium Motor Spirit (PMS), commonly known as petrol, has again been reduced by Dangote Refinery to N820 per litre from N840 per litre.
A statement from the private crude oil refiner on Tuesday disclosed that the price reduction is with immediate effect.
This is coming a few days after the company brought down the price of the petroleum product to N840 per litre from N880 per litre in a bid to make it affordable to consumers and in reaction to a fall in the price of crude oil in the global market.
In the statement issued by the spokesperson of Dangote Group, Mr Anthony Chiejina, Dangote Refinery assured Nigerians of steady supply of petroleum products, noting that more independent marketers have joined the growing list of distributors retailing its high-quality products across the country.
The refinery’s existing partners—MRS, Heyden, Ardova (AP), Hyde, Optima, and Techno Oil—are expected to reflect the new pricing at their retail outlets.
The new marketing companies to have joined the company’s distribution network include TotalEnergies, Garima Petroleum, Sunbeth Energies, Sobaz Nigeria Ltd., Virgin Forest Energy, Sixxco Oil Ltd., N.U. Synergy Ltd., and Soroman Nigeria Ltd.
Others on the growing list are Jezco Oil Nigeria Ltd., Jengre, Cocean, Kifayat, Triumph Golden, Sifem Global, Riquest, and Mamu Oil, among others.
The Dangote Refinery, the largest single-train refinery in the world, continues to expand its domestic fuel distribution footprint, offering competitive pricing and improving access to refined products across Nigeria.
The refinery, recently, announced that it has invested over N720 billion to implement its initiative of deploying 4,000 Compressed Natural Gas-powered trucks for the nationwide distribution of petroleum products, saying it is expected to save Nigerians over N1.7 trillion annually.
This step, the management, will see the refinery absorb over N1.07 trillion annually in fuel distribution costs. The initiative is also poised to significantly benefit over 42 million Micro, Small and Medium Enterprises (MSMEs) by reducing energy costs and enhancing profitability, the mega refinery said.
The initiative, which eliminates transportation costs for fuel marketers and large-scale consumers, is expected to help reduce pump prices and inflation.
From August 15, Dangote will begin the direct delivery of petrol and diesel to filling stations, industrial facilities, and other high-volume consumers, the company said earlier.