Trackup-news.com
25, November, 2024
Petroleum Refinery has announced a reduction in the price of its Premium Motor Spirit (PMS) from N990 per liter to N970/liter.
Report say this is the amount the marketers purchase the product from the refinery.
According to Anthony Chiejina, Group Chief Branding and Communications Officer of the Dangote Group, the price reduction is a gesture to appreciate Nigerians as the year comes to a close. Chiejina assured that the refinery will maintain its commitment to quality and environmental sustainability.
The price reduction comes as the Major Energies Marketers Association of Nigeria reported that the landing cost of imported petrol has decreased to N971/liter. Independent and major marketers have confirmed that pump prices of petrol are decreasing in many parts of Nigeria due to deregulation and increased competition in the downstream sector.
The spokesman of the Independent Petroleum Marketers Association of Nigeria, Chinedu Ukadike, said the agreement between IPMAN and Dangote is gradually pushing down the price of PMS.
“By just the announcement that IPMAN and Dangote have met and are ready to transact business, the prices of products have crashed. You would have noticed the drop in prices by N10, N15, or so, and this is due to competition.
“Independent marketers are no longer buying from middlemen. We are going to be buying directly from the producer. So, the competition is setting in. I also want to tell you that before the end of this year, the price will not be as high as what you see now.
The Independent Petroleum Marketers Association of Nigeria (IPMAN) attributed the price drop to its agreement with Dangote, which has enabled independent marketers to purchase products
