The Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN) has commended the management of Dangote Refinery for crashing the price of its petrol to N899.50K per litre.
In a statement on Thursday, PETROAN spokesman, Joseph Obele, described the move as a significant relief for motorists and Nigerians at large.
“This price reduction, a decrease of N71 per litre from the initial price of N970, is a significant relief for motorists and Nigerians at large, especially during the holiday season,” PETROAN stated.
PETROAN President, Billy Gillis-Harry, said that the price reduction by Dangote Refinery would alleviate the suffering of Nigerians and reduce the cost of living during the festive period.
“The price reduction will alleviate the suffering of Nigerians and reduce the cost of living and transportation during this festive period,” he said.
Earlier, the refinery pegged the new price at N899.50K per litre to provide relief for Nigerians ahead of the Christmas and New Year holiday season.
The company’s spokesman Anthony Chiejina said the price reduction is designed to ease transport costs during the festive period.
The refinery also said consumers can purchase an additional litre of fuel on credit for every litre bought on a cash basis.
The private-owned refinery had in November lowered the price of its petrol to N970 per litre.
“To alleviate transport costs during this holiday season, Dangote Refinery is offering a holiday discount on PMS. 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,” said Chiejina.