With effective from today, Dangote Refinery has slashed the price of Premium Motor Spirit (PMS) to N825 per liter from its N890, making it the second price slash in the year.

This was reveal in a statement by management of the company on Wednesday explaining that its to provide relief to Nigerians in the face gruesome economic hardship and a succor as Ramadan period draws nearer.

Part of the statement read: “It is important to note that Dangote Petroleum Refinery has consistently lowered the prices of petrol and other refined petroleum products to the benefit of Nigerians.

“This reduction has positively impacted the overall cost of living, benefiting various sectors of the economy, and has also ensured that Nigerians did not experience the perennial fuel scarcity and price hikes.”

The company further explained to its teeming consumers the amount it will be sold for in its retail outlets across the country:

“Nigerians will be able to purchase the high-quality Dangote petrol at the following prices in all our partners’ retail outlets. For MRS Holdings stations, it will sell for N860 per litre in Lagos, N870 per litre in the South-West, N880 per litre in the North, and N890 per litre in the South-South and South-East respectively.

“The same product will also be available at the following prices in AP (Ardova Petroleum) and Heyden stations: N865 per litre in Lagos, N875 per litre in the South-West, N885 per litre in the North, and N895 per litre in the South-South and South-East.” It added.

It continued: “Dangote Petroleum Refinery assures the public of a consistent supply of petroleum products, with sufficient reserves to meet domestic demand, as well as a surplus for export to enhance the country’s foreign exchange earnings.

“The company calls on marketers to support this initiative, ensuring that Nigerians remain the primary beneficiaries of this effort.”

In an interview, the National Publicity Secretary of the Independent Petroleum Marketers Association of Nigeria, Chinedu Ukadike, confirmed that importers may incur losses as a result of the new price reduction.

Ukadike maintained that the price reduction would affect importers, stressing that Dangote was maximising the advantages of deregulation.

“Dangote may ‘kill’ fuel importers by this continued lowering of prices. All those importers who have challenged Dangote that they wanted to import cheaper fuel, as they’re just nearing the sea shore, Dangote will reduce the price and they will run into trouble,” Ukadike stated in his personal opinion.

Importers of petroleum products have lamented the repeated reduction of petrol prices by the Dangote Petroleum Refinery, Punch news reported.

Some of the importers said dealers might be compelled to sell below their cost prices as consumers would only buy from where petrol is cheaper.

 “Some of us who have imported PMS are feeling the heat of Dangote’s decision to slash prices. Though it is a good thing to reduce petrol price, it is taking a toll on our business. That’s the simple truth,” a dealer who spoke to Punch News correspondent in confidence due to the nature of the matter, stated.

Another retailer noted that the Dangote refinery is reducing prices to discourage fuel importation, saying many will have to stop bringing in petroleum products from other countries.

“Dangote understands the competition in the business and this latest reduction will further discourage fuel imports. There will be losses as we may have to drop our prices too. At the end of the day, some of us will source our products locally. I will just advise Dangote to create a level playing field for all,” the retailer stated.