The Dangote Petroleum Refinery has implemented a significant price reduction for Premium Motor Spirit (PMS), commonly known as petrol, and is taking proactive measures to ensure that this reduction translates into tangible benefits for Nigerian consumers. The refinery lowered its gantry price, the price at which it sells PMS to marketers, from N890 per litre to N825 per litre. To guarantee that this price decrease reaches the end consumer, Dangote is not only urging its marketing partners to adjust their retail prices accordingly but is also offering refunds to customers who were charged higher prices before the reduction took effect. This move aligns with President Bola Tinubu’s Renewed Hope Agenda, which focuses on stimulating economic growth and improving the welfare of Nigerian citizens.
Dangote Refinery’s commitment to consumer welfare is further underscored by its decision to absorb a substantial financial loss of N16 billion. This loss stems from refunding the N65 per litre difference to marketers who purchased over 200,000 metric tonnes of PMS at the previous higher price. This proactive measure demonstrates the refinery’s dedication to ensuring that Nigerians benefit from the price reduction immediately, rather than waiting for existing stock purchased at the higher price to be depleted. By absorbing this cost, the refinery is effectively cushioning the impact of the price change on its partners and expediting the availability of cheaper fuel for consumers.
The refinery’s initiative extends beyond simply adjusting prices. It includes a commitment to transparency and consumer protection. Dangote Refinery has explicitly named its key marketing partners – Ardova Plc (AP), Heyden, and MRS – and provided a price breakdown for each region. This transparency empowers consumers to hold these marketers accountable for adhering to the prescribed price ranges. Furthermore, the refinery encourages consumers who are charged prices exceeding these stipulated limits to report such instances with their purchase receipts for full refunds. This mechanism serves as a deterrent against price gouging and reinforces the refinery’s commitment to affordable fuel.
The refinery’s proactive engagement with its marketing partners is another key element of this strategy. Dangote Refinery isn’t merely suggesting that marketers lower their prices; it’s actively collaborating with them to ensure the price reduction is implemented effectively. This collaborative approach fosters a shared responsibility for ensuring that the benefits of the price reduction reach consumers. By working closely with its partners, the refinery seeks to create a cohesive and efficient distribution network that prioritizes affordability and consumer welfare.
Dangote Refinery strongly condemns any attempts to exploit the new pricing structure for personal gain. The refinery explicitly states that purchasing PMS at the reduced gantry price of N825 per litre and then selling it to consumers at N945 per litre or higher constitutes excessive profiteering. This practice, the refinery emphasizes, is both unpatriotic and detrimental to the welfare of Nigerians. This firm stance against price manipulation further reinforces the refinery’s commitment to ensuring that the price reduction benefits the intended recipients – the Nigerian people. By setting a clear expectation for fair pricing, the refinery is working towards creating a more equitable and transparent fuel market.
Dangote Refinery’s actions go beyond mere price adjustments; they represent a comprehensive effort to ensure affordable access to high-quality fuel for all Nigerians. This commitment aligns with President Tinubu’s Renewed Hope Agenda and underscores the refinery’s dedication to national development. By absorbing significant financial losses, engaging proactively with its marketing partners, and empowering consumers to hold retailers accountable, Dangote Refinery is taking concrete steps to translate the price reduction into a tangible benefit for the Nigerian people. This holistic approach not only addresses the immediate need for affordable fuel but also contributes to the long-term goal of creating a sustainable and prosperous energy sector in Nigeria.
