Filling Stations Reduce Fuel Price As Dangote, Marketers Strike Deal

• Petroleum marketers have reached an agreement with the Dangote refinery on the supply of petrol
• The agreement between marketers and Dangote is an assurance that there will be no scarcity of petrol during the yuletide period
• The development is coming as filling stations make adjustments to their pump prices across the country

Legit.ng journalist Dave Ibemere has over a decade of business journalism experience with in-depth knowledge of the Nigerian economy, stocks, and general market trends.

The Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN) has finalised an agreement with the Dangote Petroleum Refinery to directly lift petroleum products for distribution to depots and retail outlets nationwide.

Dangote, marketers reach agreement

Punch reports that Joseph Obele, PETROAN's national public relations officer, confirmed the agreement in a statement.

Obele explained that the deal sealed with Dangote Refinery was the aftermath of a successful buyer-seller negotiation and agreement secured by PETROAN at the strategic meeting, according to The Nation reports.

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The statement reads:

“The National President of PETROAN, Dr. Billy Gillis-Harry, on December 2, 2024, led our negotiation team to a fruitful strategic business meeting with the Dangote refinery management."

However, he did not disclose the details of the agreement but expressed confidence that PETROAN's measures will ensure fuel supply during the Yuletide.

The statement added:

"We reserve the right not to make public the business terms and conditions, even as we express optimism that the greatest beneficiaries in all shall be the general public as it concerns product availability and affordability.”

Filling stations reduce petrol price

Meanwhile, Legit.ng observed a slight change in fuel prices at filling stations.

At Ikotun, a fuel attendant, Jumoke Akinsanya, confirmed a reduction in costs.

"As of last week, we sold one litre of fuel for N1,100, but the price was reduced to N1,050 per litre since Friday."

Read also

Marketers begin direct petrol loading from Dangote Refinery, price below N1,000 per litre

The same adjustment was seen at other filling stations monitored this week.

Dangote's petrol price

Legit.ng earlier reported that the Dangote Refinery and Petrochemicals decided to reduce the price of its petrol product.

In a statement, the refinery revealed that marketers can now purchase its product at N970 per litre, down from the previous price of N990.

A Nigerian man used social media to express his gratitude to the management of the Dangote Refinery after the latest development.

Proofreading by James, Ojo Adakole, journalist and copy editor at Legit.ng.

Source: Legit.ng