Tuesday, December 24, 2024
Google search engine
HomeGeneral NewsDangote Refinery Slashes Petrol Price to N899.50 Amid Festive Relief Measures

Dangote Refinery Slashes Petrol Price to N899.50 Amid Festive Relief Measures

By Jemimah Wellington, JKNewsMedia Reporter

A REDUCTION in the price of Premium Motor Spirit (PMS), lowering it to N899.50 per litre has been announced by Dangote Refinery.

The company says this move aims to alleviate the burden on Nigerians as transportation costs typically spike during the festive season.

Anthony Chiejina, the Group Chief Branding and Communications Officer of Dangote Group, confirmed the new pricing in a press statement on Thursday.

He noted that the decision was made to offer relief to Nigerians grappling with high transport costs during the Yuletide period.

The $20 billion refinery had previously reduced petrol prices to N970 per litre on 24 November 2024.

Consumers now have the added benefit of purchasing an extra litre of fuel on credit for every litre bought in cash, provided they secure a bank guarantee from Access Bank, First Bank, or Zenith Bank.

Chiejina stated, “This special holiday offer allows consumers to access fuel at N899.50 per litre at our truck loading gantry or SPM. Additionally, the credit purchase initiative ensures affordability for more Nigerians.”

The refinery’s timely price reduction coincides with growing calls for the Nigerian government to restore the Warri and Kaduna refineries to full operational capacity.

Debunks Refinery Claims of Liquidity Challenges

Meanwhile, in another statement, Dangote Refinery addressed claims of liquidity challenges.

Chiejina clarified that the Nigerian National Petroleum Company Limited (NNPCL)’s $1 billion investment represented only 5% of the total cost of building the refinery.

Chiejina added that NNPCL had agreed to pay $1 billion for a 20% stake in the refinery, with the balance of $1.76 billion to be recovered over five years through crude supply and dividend deductions.

He emphasised that the partnership was strategic rather than liquidity driven.

Despite the refinery’s operational progress, NNPCL failed to meet its obligation to supply 300,000 barrels per day of crude oil.

This shortfall, Chiejina said, prompted a revision of the corporation’s equity share to 7.24%.

The announcement underscores Dangote Refinery’s commitment to addressing economic challenges while maintaining transparency in its operations and partnerships.



RELATED ARTICLES

LEAVE A REPLY

Please enter your comment!
Please enter your name here

- Advertisment -
Google search engine

Most Popular