The decision by the Dangote Petroleum Refinery to reduce the ex-depot price of Premium Motor Spirit (petrol) on Saturday night came at huge costs to many petroleum marketers, The PUNCH reports.
Marketers who spoke to our correspondent said the sudden price reduction by the Dangote refinery must have been occasioned by the recent warnings that some traders were planning to resort to importation if the foreign PMS remains cheaper than the ex-depot prices of locally refined products.
On Saturday night, the 650,000-capacity refinery told Nigerians that it had reduced its price from N950 to N890 per litre.
“In a bold move to drive economic relief for Nigerians, Dangote Petroleum Refinery has reduced the ex-depot price of Premium Motor Spirit, commonly known as petrol, from N950 to N890 per litre, effective from Saturday.
“This price adjustment is in response to favourable developments in the global energy sector and a significant decline in international crude oil prices.
“Dangote refinery’s decision reflects its commitment to aligning with market realities and ensuring that consumers benefit from changes in international crude oil prices,” a statement by the Group’s Chief Branding and Communications Officer, Anthony Chiejina, said.
