Deborah Akinyosoye
The Dangote Petrolchemicals Refinery has effected another reduction in the ex-gantry price of its Premium Motor Spirit also known as petrol below the publicly announced N835 per litre.
It was confirmed on Monday from sources that the refinery has reduced its price to N825 per litre for its customers through a rebate of N10 after successful loading of products at the refinery.
The sources said marketers are still paying N835 per litre for products but receive a N10 refund after loading and evacuating them from the refinery.
The covert price adjustment has allowed its customers and marketers to retail the product at a lower band of N830 to N835, outpricing importing marketers and private depot owners.
The official said, “The Dangote refinery has started giving a rebate on its products. It’s not an official reduction yet, but paid back after marketers buy products from them.”
Last month, the Dangote refinery effected a price reduction twice within the space of a week, crashing its gantry price by N45 from N880 to N835 per litre.
This followed the restart and full implementation of the Naira-for-Crude agreement with local refiners after an earlier suspension.
Efforts to get an official reaction from Dangote Spokesperson, Anthony Chiejina, on the price reduction were futile.