Again, Dangote Refinery Reduces Fuel Price To N820 Per Litre

Dangote Refinery has once again reduced its ex-depot price of Premium Motor Spirit, PMS, otherwise known as petrol from N840 to N820 per litre, effective immediately.

Only last week, the company reduced the ex-depot price of same commodity from N880 to N840 per litre, with assurances of 

steady supply of petroleum products.

This is even as more independent marketers have joined the growing list of distributors retailing Dangote Refinery’s high-quality petroleum products across the country.

Spokesman of the Dangote Group, Anthony Chiejina, confirmed the price adjustment in a statement in Lagos, noting, “PMS price has been reduced from N840 to N820 per litre effective immediately."

According to Chiejina, the previous reduction to N840 per litre had followed global crude oil market volatility, particularly during the 12-day geopolitical crisis in the middle east, which pushed up crude oil prices.

He further said that, the refinery’s existing partners—MRS, Heyden, Ardova (AP), Hyde, Optima, and Techno Oil—were expected to reflect the new pricing at their retail outlets, even as several new marketing companies have joined Dangote’s distribution network. They 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 also include, 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 the country. 

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.

Earlier, the company had said that beginning from August 15, Dangote would begin the direct delivery of petrol and diesel to filling stations, industrial facilities, and other high-volume consumers, across the country.