President of Dangote Group, Aliko Dangote, has vowed to further slash prices of Premium Motor Spirit (PMS) or petrol nationwide.
The promise is coming less than 24 hours after the entrepreneur announced an imminent reduction in petrol prices.
A Monday statement by the company said MRS, which operates over 2,000 filling stations nationwide, has begun selling petrol at ₦739 per litre in Lagos, down from ₦885, bringing immediate relief to commuters and businesses.
“Pump price of PMS would decline further”, the statement quoted the entrepreneur, adding that petrol would sell at no more than ₦740 per litre from Tuesday, starting in Lagos.
“From Tuesday, all MRS stations will sell PMS at prices not exceeding N740 per litre, beginning in Lagos,” Dangote said.
He also announced that the Dangote Petroleum Refinery had reduced its minimum purchase requirement from two million litres to 500,000 litres, a move designed to enable more marketers, including members of the Independent Petroleum Marketers Association of Nigeria (IPMAN), to participate in product offtake.
“So if you come to the refinery today, you will get PMS at N699 per litre,” he stated.
Dangote maintained that Nigerians would be the ultimate beneficiaries of domestic refining as the refinery was working around the clock to ensure that recent reductions in gantry prices were fully reflected at the retail level.
