In a move that is expected to bring relief to millions of Nigerians, oil marketers have announced a substantial reduction in the price of petrol. The new price, which is effective immediately, sees a decrease of 11.8% from the previous rate of ₦1,060 to ₦939.50 per litre.
This significant price cut is a result of the Dangote Petroleum Refinery’s decision to lower its ex-pump price from ₦970 to ₦899.50 per litre. The refinery’s move is aimed at alleviating the financial burden on Nigerians, particularly as the holiday season approaches.
Major marketers, including MRS, have already begun selling petrol at the new rate in their Lagos filling stations. This development is expected to have a positive impact on the economy, as the reduced price of petrol will lead to lower transportation costs and, subsequently, lower prices for goods and services.
Anthony Chiejina, Dangote Group’s Chief Branding and Communications Officer, confirmed that the refinery is offering a holiday discount on PMS, pricing it at ₦899.50 per litre for truck loading. This move is expected to benefit millions of Nigerians who rely on petrol for their daily activities.
In addition to the price reduction, customers who purchase petrol on a cash basis will receive an additional litre on credit, backed by a bank guarantee from Access Bank, First Bank, or Zenith Bank. This innovative offer is designed to provide customers with greater flexibility and convenience when purchasing petrol.
The price reduction and the additional litre on credit offer are expected to have a significant impact on the economy, particularly during the holiday season. With the reduced price of petrol, Nigerians can expect to see lower prices for goods and services, making it easier for them to celebrate the holiday season with their loved ones.
The development is also expected to boost economic activity, as the reduced price of petrol will lead to increased mobility and productivity. This, in turn, is expected to have a positive impact on the country’s GDP, as businesses and individuals take advantage of the reduced transportation costs to increase their economic activities.
Furthermore, the price reduction is expected to have a positive impact on the country’s inflation rate. With the reduced price of petrol, the cost of transportation and other goods and services is expected to decrease, leading to a reduction in the inflation rate.
The move by the Dangote Petroleum Refinery and other major marketers to reduce the price of petrol is a clear demonstration of their commitment to supporting the Nigerian economy and alleviating the financial burden on Nigerians. It is a move that is expected to have far-reaching benefits for the economy and the people of Nigeria.
In conclusion, the price reduction announced by oil marketers is a welcome development that is expected to have a significant impact on the economy. The move is a clear demonstration of the commitment of the Dangote Petroleum Refinery and other major marketers to supporting the Nigerian economy and alleviating the financial burden on Nigerians. As the holiday season approaches, Nigerians can look forward to a reduction in the price of petrol, which is expected to have a positive impact on their lives and the economy as a whole.
