The Dangote Refinery has slashed the price of Premium Motor Spirits, PMS, petrol to N820 from N840 per litre. The $20 billion refinery had few days ago reduced the depot price by N40 per litre.
According to the spokesman of Dangote Group, Anthomny Chiejina, the Refinery has reduced the price of PMS by N60 per litre within one week, this he explained, is to make the product more affordable.
“We have reduced petrol gantry price to N820 from N840 per litre,” Chijiena.
In what keen industry players described as a game changing move, Dangote Refinery, two weeks ago announced the acquisition of 4, 000 Compressed Natural Gas, CNG- powered trucks to distribute refined petroleum products including Diesel and PMS across the country.
The move, which takes effect from August 15, is projected to save Nigerians over N1.7 trillion annually, slash fuel distribution costs, and boost economic productivity across sectors.
According to a statement from the company, the initiative will see the Dangote Refinery absorb over N1.07 trillion yearly in logistics expenses that fuel marketers currently pass on to consumers. The deployment of the trucks, supported by a network of CNG refuelling stations nationwide, aims to remove one of the major cost drivers incure in the fuel pricing mechanism.
“With average transport costs at N45 per litre, this free distribution model will not only crash operational costs for marketers but also bring relief to the end-users,” the company said in a statement.
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