…?angote commends Tinubus naira-for-crude swap deal
Days after the Dangote Refinery slashed its own price to ?899.50, the Nigerian National Petroleum Company Limited (NNPCL) has also reduced price of petrol to to ?899 per litre.
The Petroleum Products Retail Outlets Owners Association of Nigeria’s National Public Relations Officer, Dr. Joseph Obele, who confirmed the development in an statement yesterday, said: The NNPCL has taken a significant step in response to the competitive impact of deregulation in the downstream sector.
The company recently reduced the ex-depot price of Premium Motor Spirit from ?1,020 to ?899 per litre. The price reduction by NNPCL is seen as a response to the competitive impact of deregulation, which has led to increased competition in the downstream sector.
Dangote Group, on its own part, had through its Chief Branding and Communications Officer, Anthony Chiejina, said the price reduction was designed to ease transport costs during the Christmas season.
In addition to the holiday discount, Dangote Petroleum Refinery is allowing consumers to purchase an additional litre of fuel on credit for every litre bought on a cash basis, he further stated..
The Group said, “From today, our petrol will be available at N899.50 per litre at our truck loading gantry or SPM. Furthermore, for every litre purchased on a cash basis, consumers will have the opportunity to buy another litre on credit, backed by a bank guarantee from Access Bank, First Bank, or Zenith Bank,
Founder of the Dangote Group, Aliko Dangote, commended President Bola Tinubus naira-for-crude swap deal, citing its positive impact on Nigerias economy and the subsequent reduction in prices of petroleum products.
Recall that on July 29, the federal executive council (FEC) approved a proposal by Tinubu directing the NNPCL to sell crude oil to ?angote Petroleum Refinery and other refineries in naira.
In an issued statement yesterday, ?angote, said the governments initiative to sell crude to local refineries in naira which commenced October 1 has reduced pressure on the dollar and stabilised the local currency.
“This price has already commenced in Lagos, and it will be offered nationwide from Monday, ?angote said. He called on all other marketers, to work with Dangote refinery to ensure that Nigerians enjoy high-quality petrol at discounted prices.
On November 11, the Independent Petroleum Marketers Association of Nigeria (IPMAN) said an agreement has been made with Dangote refinery to lift petrol and diesel directly.
