Aliko Dangote, President of Dangote Group, has announced plans to further reduce the prices of Premium Motor Spirit (PMS), also known as petrol, across Nigeria. This development comes less than 24 hours after the entrepreneur initially announced an imminent reduction in petrol prices. The move is expected to bring relief to commuters and businesses nationwide.
According to a statement released by the company, MRS, which operates over 2,000 filling stations across the country, has begun selling petrol at a reduced price of ₦739 per litre in Lagos, down from ₦885. Dangote has assured that the pump price of PMS will decline further, with all MRS stations set to sell petrol at prices not exceeding ₦740 per litre from Tuesday, starting in Lagos.
The Dangote Petroleum Refinery has also reduced its minimum purchase requirement from two million litres to 500,000 litres, enabling more marketers, including members of the Independent Petroleum Marketers Association of Nigeria (IPMAN), to participate in product offtake. This move is designed to increase participation and improve the distribution of petrol nationwide.
Dangote has emphasized that Nigerians will be the ultimate beneficiaries of domestic refining, as the refinery works around the clock to ensure that recent reductions in gantry prices are fully reflected at the retail level. The refinery is producing straight-run fuels, which are of better quality compared to blended products imported from overseas markets.
Despite challenges and resistance from vested interests, the refinery plans to deploy its fleet of Compressed Natural Gas (CNG) trucks in the coming days to sustain affordable nationwide distribution. Dangote has reiterated his resolve to protect the refinery, describing it as a strategic national asset that must not be allowed to fail.
The reduction in petrol prices is expected to have a significant impact on the Nigerian economy, providing relief to commuters and businesses. As the refinery continues to work towards increasing production and distribution, Nigerians can expect further reductions in petrol prices, making fuel more affordable and accessible nationwide.
