The price of Premium Motor Spirit (PMS), also known as petrol, is set to reduce, but it will not be a significant change.
Nigerians currently pay between N1,100 to N1,300 per litre for fuel at filling stations across the country.
According to the Nation report, ongoing discussions between the Independent Petroleum Marketers Association of Nigeria (IPMAN) and the Dangote refinery will likely bring about an N36 per litre fuel price reduction.
The report noted that Dangote Petrol is benchmarked against the international market, with little to celebrate.
The source, who wasn’t named, said:
Anthony Chiejina, the Dangote Refinery’s Group Chief Branding and Communications Officer, confirmed ongoing talks with IPMAN.
He, however, refrained from revealing the agreed price, stating that a public statement would have been issued.
Similarly, in an earlier discussion with TimesNow.com.ng Chijena explained that the price of petrol is not fixed by the refinery but is based on fair international market dynamics.
TimesNow.com.ng previously reported that the Dangote Refinery has agreed to export more than 200,000MT of its petrol, as local demand for more expensive, higher-quality products has disappointed many Nigerians.
An executive at the refinery disclosed this, saying that the mega refinery has signed its first export orders for its petrol and will begin dispatching the products immediately after the ships arrive.
The giant refinery has been touted as supplying Nigeria’s petrol demand and servicing about 340,000 barrels of local market, ending the country’s dependence on petrol imports.
Source: TimesNow.com.ng
