Dangote Says PMS to Sell Below N740/Litre as Refinery Cuts Price
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Dangote Says PMS to Sell Below N740/Litre as Refinery Cuts Price
President and Chief Executive of Dangote Industries Limited, Aliko Dangote, has announced a further reduction in the pump price of Premium Motor Spirit (PMS), saying petrol will sell at no more than N740 per litre from today, beginning with Lagos.
Dangote made the disclosure while speaking to journalists at the Dangote Petroleum Refinery, following a reduction in the refinery’s gantry price to N699 per litre.
He said MRS filling stations would be the first to reflect the new pricing.
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According to him, the price cut is aimed at ensuring Nigerians benefit from local refining and easing the burden of high fuel costs on consumers.
He assured that the company is working with marketers to ensure the reduction is fully passed on at the retail level.
Dangote also announced that the refinery has reduced its minimum PMS purchase requirement from two million litres to 500,000 litres to allow more marketers, including members of the Independent Petroleum Marketers Association of Nigeria (IPMAN), access to products.
He said the refinery was prepared to deploy its Compressed Natural Gas (CNG) trucks nationwide to support distribution and sustain affordable pricing, adding that additional trucks would be procured if necessary.
Dangote maintained that locally refined PMS from his refinery is of higher quality and cheaper than imported fuel, stressing that Nigerians stand to benefit more as domestic refining stabilises supply and pricing.
