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Holiday Bonanza: Dangote Reduces PMS Price to N899.50k

Prince Odutola4 days ago4 days ago03 mins

Dangote Petroleum Refinery has reduced the price of its Premium Motor Spirit (PMS) product to below N900 per litre, to provide much-needed relief for Nigerians ahead of the holiday season. Africa’s first privately-owned oil refinery, which previously lowered the price to N970 per litre on November 24, has now announced a new price of N899.50 per litre. This reduction is designed to ease transport costs during the festive period. In a statement issued by the Group Chief Branding and Communications Officer of Dangote Group, Anthony Chiejina, the company also introduced a special offer to further benefit consumers. In addition to the holiday discount, Dangote Petroleum Refinery is allowing consumers to purchase an additional litre of fuel on credit for every litre bought on a cash basis. “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,” said Chiejina. The refinery also expressed its gratitude to Nigerians for their continued support as the country enters the festive season. Chiejina further emphasised the refinery’s commitment to ensuring Nigerians have access to premium quality petroleum products that are competitively priced, as well as environmentally and engine friendly. He highlighted that the refinery’s operations mark the end of Nigeria being a dumping ground for substandard and ‘blended’ imported products, which have posed significant risks to human health, machinery, and the environment. The Dangote Refinery, with a capacity of 650,000 barrels per day (BPD), is the largest single-train refinery in the world. It is fully capable of meeting 100% of Nigeria’s refined petroleum product requirements, with a surplus available for export.

NNPC, Dangote biker over Petrol pump price

Prince Odutola3 months ago3 months ago04 mins

The Nigerian National Petroleum Commission (NNPC) and Dangote Refinery are at loggerheads over the price of Premium Motor Spirit otherwise known as petrol. Both parties have issued conflicting press statements on the matter in the recent time. The NNPC Ltd, in a statement by signed its Chief Corporate Communications Officer, Olufemi Soneye on Monday, the Company has released estimated prices of Premium Motor Spirit (PMS), also known as Petrol (obtained from the Dangote Refinery) in its retail stations across the country. The NNPC Ltd also wished to state that, in line with the provisions of the Petroleum Industry Act (PIA), PMS prices are not set by Government, but negotiated directly between parties on an arms length. The NNPC Ltd confirmed that it is paying Dangote Refinery in USD for September 2024 PMS offtake, as Naira transactions will only commence on October 1st, 2024. The NNPC Ltd assured that if the quoted pricing is disputed, it will be grateful for any discount from the Dangote Refinery, which will be passed on 100% to the general public. Dangote Refinery however denied selling the product to the Nigerian National Petroleum Corporation (NNPC) at N898. The Group refuted the claims in a statement on Sunday. The statement read; “Our attention has been drawn to a statement attributed to NNPCL spokesperson, Mr. Olufemi Soneye, that we sell our PMS at N898 per litre to the NNPCL. “This statement is both misleading and mischievous, deliberately aimed at undermining the milestone achievement recorded today, September 15, 2024, towards addressing energy insufficiency and insecurity, which has bedeviled the economy in the past 50 years. “We urge Nigerians to disregard this malicious statement and await a formal announcement on the pricing, by the Technical Sub-Committee on Naira-based crude sales to local refineries, appointed by His Excellency, President Bola Ahmed Tinubu GCFR, which will commence on October 1, 2024, bearing in mind that our current stock of crude was procured in dollars. “It should also be noted that we sold the products to NNPCL in dollars with a lot of savings against what they are currently importing. With this action, there will be petrol in every local government area of the country regardless of their remote nature. “We assure Nigerians of availability of quality petroleum product and putting an end to the endemic fuel scarcity in the country.”