BREAKING: Oil marketers reduce petrol price to N939.50 per litre

Oil marketers lifting the Premium Motor Spirit, PMS, also known as petrol from Dangote Petroleum Refinery, have slashed the price of the product by 11.8 per cent to N939.50 per litre, from N1,060 per litre.

Dangote Petroleum Refinery slashed the ex-pump price of its petrol to N899.50 per litre, from N970 per litre on Thursday.

According to the refinery, the slash in price was expected to provide much-needed relief for Nigerians ahead of the holiday season.

In his statement, the Chief Branding and Communications Officer of Dangote Group, Anthony Chiejina, stated: “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.”

Following to development, the marketers lifting the fuel from the Dangote’s refinery has slashed prices for the final consumers as well.

Checks on Friday morning, December 20, 2024, indicated that MRS, a major marketer, and others indicated that they have adjusted their pump prices.

When contacted by Vangurad, the chairman of MRS, Alhaji Sayyu Idris Dantata, declined to comment, but a visit to the company’s filling station in Ojota, Lagos, confirmed that MRS has started selling at N939.50 per litre.

Earlier, the oil marketers operating under the auspices of the Independent Petroleum Marketers Association of Nigeria (IPMAN) projected a decrease in the retail cost of Premium Motor Spirit, also known as petrol, to N950 per litre in Lagos State.

It also said petrol customers in the Federal Capital Territory may pay N990 for a litre.

The IPMAN National Publicity Officer, Chief Chinedu Ukadike, gave the hint during an interview with The PUNCH, stressing that the product will now trade for less than a thousand naira.

He said, “Once there is a price reduction, it will trickle down. There will be a change to the pump price. It will be less than N1,000. But the difference will be determined by location.

It may be N950 in Lagos and possibly N990 in Abuja. Logistics will play a key role. Remember that the price of diesel hasn’t reduced and that is what we put in our tankers.