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Dangote Refinery has sparked mixed reactions after releasing an advert on a reduced petrol price, coinciding with the commencement of operations at the Port Harcourt Refinery.
Recall that on November 24, the refinery announced a reduction in its ex-depot price of petrol to N970 per litre for oil marketers.
The company said the move was the refinery’s way of appreciating Nigerians “for their unwavering support in making the refinery a dream come true”.
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The announcement made in a statement issued by Tony Chiejina, the company’s spokesman, said marketers will no longer load the product in the old price.
Chiejina stated that Nigerians have stood with the company to ensure that its aim of making fuel available in the country is realised, promising uninterrupted supply of the products, adding that the issue of quality will not be compromised.
He said, “Dangote Petroleum Refinery has effected a reduction in the prevailing price of its Premium Motor Spirit (PMS) from N990/litre to N970/litre for the marketers.
“As the year comes to an end, this is our way of appreciating the good people of Nigeria for their unwavering support in making the Refinery a dream come true.
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“In addition, this is to thank the government for their support as this will complement the measures put in place to encourage domestic enterprise for our collective well-being.
“We are determined to keep ramping up production to meet and surpass our domestic fuel consumption, thus dispelling any fear of a shortfall in supply.”
On Tuesday, November 26, 2024, Port Harcourt Refinery, one of the four state-owned refineries kicked off operations after being moribund for years.
The development has sparked fresh hope for Nigeria’s oil and gas industry.
The commencement of crude oil processing at Port Harcourt Refinery has attracted jubilation among Nigerians.
This comes as the state-owned refinery kicked off operations on Tuesday, November 26, 2024, after being moribund for years.
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The development has sparked fresh hope for Nigeria’s oil and gas industry.
The Nigerian National Petroleum Company Limited announced that the Port Harcourt Refinery is processing 60,000 barrels per day of crude oil.
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The development now means the Port Harcourt Refinery will now join the Dangote Refinery to ensure energy security for Nigerians.
However, as Nigerians are celebrating the revival of the Port Harcourt Refinery, the Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN) gave a not-too-interesting news that the fuel from the refinery is N1,045 per liter, N75 higher than that sold by the Dangote Refinery.
The association’s Public Relations Officer, Dr. Joseph Obele who stated this while reacting to the reopening of the refinery expressed concern over the pricing disparity between petrol supplied by the Nigerian National Petroleum Company Limited (NNPCL) and the Dangote Refinery.
Obele said the ₦75 price differential is a steep margin for businesses, particularly for an industry where profitability hinges on competitive pricing.
He, however, described the refinery’s restoration as a significant step in reducing Nigeria’s dependence on imported petroleum products.
After the emergence of the report, Dangote Refinery, owned by richest man in Africa, Aliko Dangote on Wednesday morning, took to its various social media handles to remind marketers of its reduced fuel price.
The flyer partly reads; “High Quality PMS (Petrol).
“For your vehicle and engine and also good for environment.
“Buy minimum of 2 million litres at N970 per litre.”
— Dangote Group (@DangoteGroup) November 27, 2024
This development has sparked mixed reactions, with some seeing it as the beginning of a new marketing competition in the oil sector, while others were surprised by the unusual advertisement of petrol.
Abdulmalik Taiwo, a Facebook user said; “I like the fact that the competition is there now, no more monopoly since porthacourt Refinery has Kickstart production. Y’all gon learn, marketers now have options now.”
Another user, Chukwu Nnaemezie reacted; “Lol , this Administration has humbled our 20 billion dollars refinery, they are now hawking petrol on promo price, buy one get one free, good for our economy, monopoly is virus no country should encourage…”
Hasheem Dauda Hasheem wrote; “The Market is becoming competitive. May this competition become the source succour to Nigerians.”
Iveanyirochukwu Ayobamidele Obio-Nwokedi said; “If you live long, you will see everything and anything. Our daddy is now hawking his petrol.”
@iyaboawokoya on X wrote; “Let the marketing wars begin. Dangote should just buy over that lovely Bodas and/or Rano Oil or make IPMAN sole distributors and then drop price to N950 per litre. I am enjoying the competition.”
@Mayordavid_9 said; “Let’s wait till the remaining 3 refineries start producing, maybe fuel no go drop to 400naira.”
@EmodiMba reacted; “Alhaji, why not start producing sachet fuel, e go too move market ooo.”
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