This development was officially communicated in a statement released on Sunday by Anthony Chiejina, the esteemed Group's Chief Branding and Communications Officer.
Chiejina noted that the refinery has reduced the petrol price for marketers from N990 to N970 per liter, offering a discount of N20 per liter.
Additionally, he highlighted that the quality of the company’s products continues to be maintained despite the price cut.
The announcement concerning the price change states, “Dangote Petroleum Refinery has effected a reduction in the prevailing price of its Premium Motor Spirit (PMS) from N990/litre to N970/litre for the marketers.
“As the year comes to an end, this is our way of appreciating the good people of Nigeria for their unwavering support in making the Refinery a dream come true. In addition, this is to thank the government for their support as this will complement the measures put in place to encourage domestic enterprise for our collective well-being.
“While the refinery would not compromise on the quality of its petroleum products, we assure you of best quality products that are environmentally friendly and sustainable.
“We are determined to keep ramping up production to meet and surpass our domestic fuel consumption; thus, dispelling any fear of a shortfall in supply.”
Dangote Refinery's recent price cut to N970 per liter occurs amid escalating tensions with certain marketers regarding petrol pricing.
The Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN) has accused the refinery of charging a premium for petrol, asserting that it is possible to import the fuel at a lower cost. In response to Dangote's pricing, PETROAN criticized the N990 rate as unreasonable. Joseph Obele, the National Public Relations Officer for PETROAN, highlighted the necessity for competition within the industry to avert exploitation and excessive profit-making.
Obele also dismissed Dangote Refinery's allegations that PETROAN plans to import inferior products at reduced prices, characterizing such claims as predictable. He mentioned that PETROAN has secured agreements with international refinery partners and financial supporters to import high-quality PMS and offer it at a significantly lower price than what is currently found in Nigeria.
In contrast, Dangote disputes these claims, contending that significantly lower prices may suggest compromised product quality or potential oil theft.
Furthermore, the Independent Petroleum Marketers Association of Nigeria (IPMAN) has forged a partnership with Dangote Refinery to directly procure petroleum products from its facility.
This price reduction is perceived as a strategic measure to address concerns and strengthen relationships with marketers.