Dangote refinery reduces fuel price…here’s what to know
Photo credit: Politics Nigeria
Dangote refineries, in partnership with MRS, have pioneered the reduction of fuel from #970 to #899.50k per litre in December 2024.
The announcement in reduction of the ex-depot price of petrol was swiftly followed by the Nigerian National Petroleum Company Limited (NNPCL), which set its depot price at ₦899 per litre from ₦1020.
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IPMAN’s National President, Alhaji Maigandi Garima, disclosed in an interview with the News Agency of Nigeria (NAN) in Abuja on Sunday that “Dangote refinery has brought another new arrangement of loading and pricing by which marketers would pay a fixed ex-depot price of N899.50.
“The refinery is running a program whereby it wants the fuel consumption across the country to be at the same rate. We are expecting the new arrangement to kick-start on Monday.
He also went further to reveal that this price slash has been operational; he said, “We have been loading from the Dangote refinery, and the refinery is saving us in this festive period.”
He commended Dangote refinery for this initiative and noted that the de-regularization of the downstream sector is a major reason this unique change is occurring.
However, the Nigeria Labour Congress and Civil Society Organisations have called for further reduction in the pump price of Premium Motor Spirit (petrol), stressing that the recent drop in price to N935/litre is not satisfactory as reported by Punch online.
Earlier, the price of fuel for a litre was at #1030 in Lagos and #1060 in Abuja, but with the Dangote arrangement, it came down to #935 at public fuel stations, but the labour Congress insisted on more drop in price.
A senior official of the Nigeria Labour Congress, Chris Onyeka, who spoke with Punch, said, “Do you want us to clap for them? How can we be okay with a price of N935/litre of PMS? This is not the right price for PMS. You cannot base the price on imported products when we have refining capacity in Nigeria.
He went further to stress that the price of products refined in Nigeria should not be based on imported products. In his words, “Why should we applaud that? It is akin to someone stealing your money and returning only part of it, then expecting you to clap. We cannot applaud this.
He further called on the federal government to do the right thing and put the welfare of the citizens first. According to him, “…allows Nigerians to breathe. Let the poor breathe.”
Meanwhile, Sahara reporters announced that despite the price reduction of PMS, South Eastern fuel stations are still selling at #1000 per litre. An act that is not in line with the 7.27 percent fuel price slash by Dangote Refinery.
