Dangote Refinery in deal with MRS to sell PMS at N935 per litre
- Commends Tinubu on de-dollarization of dom-fuel transactions
Sopuruchi Onwuka
Price war which has polarized marketing groups in the domestic petroleum market along two main supply sources is beginning to yield dividends as Africa’s biggest fuel producer, Dangote Refinery, is in deal with a major marketing company, MRS, to sell the premium motor spirits also called petrol at N935 per liter.
A statement from Dangote Refinery stated that the price cut is aimed to provide succor to travelers in the current high demand yuletide period when most Nigerians are billed to travel for the Christmas and New Year holidays.
It remains however to see how the reduction in prices which would be available at all MRS retail stations across the country would reflect in commercial transportation fares which have remained steady at an average of N35,000 on inter-regional routes in the past three months.
President of the Dangote Industries Limited, Aliko Dangote, who announced the price reduction amidst fierce competition with the Nigerian National Petroleum Company (NNPC) Limited over market share, stated that the falling prices were direct benefit of President Tinubu’s intervention with approval of Naira denominated transactions in the local petroleum market.
President of the Dangote Industries Limited, Aliko Dangote
He commended President Tinubu on the positive impact of the naira for crude swap deal on the Nigerian economy, saying the move has led to reduction in prices of petroleum products in the country.
Consequently, Dangote Refinery reduced the price of Premium Motor Spirit (PMS) from N970 to N899.50 at its Refinery loading gantry and provided generous credit terms to marketers. The price cut, according to the company, was to provide succor to Nigerians.
“To ensure that this price reduction gets to the end consumer, we have signed a partnership with MRS to sell petrol from its retail outlets nationwide at N935 per litre” he added.
The company stated that the new retail price for petrol has already commenced in Lagos, and it would be offered nationwide from Monday.
Alhaji Dangote called on other oil marketers such as the NNPC Retail and all other marketers, “to work with us to ensure that Nigerians enjoy high-quality petrol at discounted prices.”
According to him, “The Dangote Refinery is for the benefit of Nigeria and Nigerians. We will therefore continue to work with various value-chain players to deliver high quality petrol at cheaper prices. Our aim is for all Nigerians to have ready access to high quality petroleum products that are good for their vehicles, good for their health, and good for their pockets.
Recall that in September, the Federal Executive Council (FEC) under the leadership of Mr. President approved the sale of crude to local refineries in Naira and corresponding purchase of petroleum products in Naira.
The move, which commenced on October 1, led to reduced pressure on the dollar and ensured the stability of the local currency.
“Dangote thanked Nigerians for their unwavering support and the government for creating an enabling environment for the domestic refining industry.”
