“Fuel Now N815”: Delight as Tinubu Gets Strong Backing Beyond 2027 Election
- Dangote Petroleum Refinery reduced its ex-depot premium motor spirit (PMS) price to N815 per litre
- The development comes after fuel landing cost dropped to N774.82 per litre, below Dangote Refinery’s N825 ex-depot prices
- Reacting to the development, prominent social media personality, Reno Omokri, lauded Tinubu for removing fuel subsidy in May 2023, saying the president "knows the way and how to get there"
CHECK OUT: Education is Your Right! Don’t Let Social Norms Hold You Back. Learn Online with LEGIT. Enroll Now!
Legit.ng journalist Ridwan Adeola Yusuf has over 9 years of experience covering business journalism experience with in-depth knowledge of the Nigerian economy, stocks, and general market trends.
FCT, Abuja - Reno Omokri, a former social media aide to ex-President Goodluck Jonathan, on Friday, March 14, expressed delight with the Dangote Petroleum Refinery lowered fuel loading cost to N815 per litre in Nigeria.
Legit.ng reports that the price war in the downstream oil sector continued on Thursday, March 13, as the Dangote refinery quietly implemented a price reduction at its loading gantry, reducing the loading cost of its petrol from N825 per litre to N815 per litre.
It was gathered that the new pricing structure introduced on Thursday, March 13, was met with enthusiasm by oil marketers, who, as a result, opted to bypass private depot owners and begin sourcing their products directly from the refinery.
This N10 price reduction is also anticipated to prompt a competitive reaction from private fuel depots, which may adjust their prices downward to maintain their market position.
Reacting to the development, Omokri—an open supporter of the Bola Tinubu administration—said the drop in fuel price and anticipated further reductions would contribute to the president’s second term victory. The next Nigerian general election will be held in 2027.
Omokri wrote on his verified X (formerly Twitter) page:
“Petrol prices have crashed again. A litre of fuel is now ₦815. This is the second time since Ramadan that they have dropped. It is now cheaper to refine fuel in Nigeria than to import. Importers are now saddled with heavy losses. This is precisely the promise that President Bola Tinubu made when he removed fuel subsidy as agreed with former President Buhari: that after initial increases, competition will gradually bring down the cost of the product.
“This is why Nigeria should stick to President Tinubu now and beyond 2027. He is a man who knows the way and how to get there.
“Others do not even know their way in politics. Today, they are in one party, and tomorrow, they are in another.
“People who have an identity crisis cannot identify Nigeria's issues, talk more of solving them.
“Arewa, listen to former President Buhari and continue to support President Bola Tinubu. Together, North and South will progress under the Renewed Hope Agenda.”
How Nigerians will benefit from Dangote, NNPC fuel price war
Earlier, Legit.ng reported that Bismarck Rewane, managing director of Financial Derivatives Company, says Nigerians will gain from the ongoing petrol price competition between Dangote Petroluem Refinery and the Nigeria National Petroleum Corporation Limited (NNPC).
Rewane said he is expecting a further decline in fuel prices until June 2025.
He noted that the downward trend in petrol prices will provide a boost to economic stability.
PAY ATTENTION: Сheck out news that is picked exactly for YOU ➡️ find the “Recommended for you” block on the home page and enjoy!
Source: Legit.ng
