Dangote Absorbs PMS Loss, Provides Entrepreneurs N65/litre Refund
Dangote Petroleum Refinery & Petrochemicals has stated it might soak up N16bn loss by refunding N65/litre to entrepreneurs so Nigerians will profit from cheaper gasoline.
In an announcement issued over the weekend, the refinery stated it would refund clients who buy Premium Motor Spirit (PMS) at charges greater than the marketed costs from any of its key companions – AP (Ardova Plc), Heyden, or MRS – throughout Nigeria.
This transfer follows the refinery’s current discount of its gantry worth from N890 per litre to N825 per litre.
The refinery acknowledged that that is a part of its ongoing efforts to make sure that Nigerians are the first beneficiaries of the worth discount and according to President Bola Tinubu’s Renewed Hope Agenda, which goals to stimulate the economic system.
The refinery confirmed it would refund N65 per litre on the over 200,000 metric tonnes of PMS bought by entrepreneurs on the previous gantry worth of N890 per litre, earlier than the brand new charge of N825 per litre.
“The step, efficient February 27, 2025, ensures that none of our valued enterprise companions will expertise a loss because of the worth change. Extra importantly, it ensures that the brand new, decrease charge takes instant impact nationwide for the advantage of the Nigerian individuals,” the assertion stated.
The refinery emphasised that this initiative extends past MRS Holdings, Ardova Plc (AP), and Heyden.
It urged different entrepreneurs sourcing inventory from it to cross on the advantages of the brand new pricing to customers on the retail stage, encouraging a collective dedication to inexpensive, high quality merchandise.
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Dangote additionally condemned any exploitation of the brand new pricing construction. “It’s each unpatriotic and detrimental to the welfare of Nigerians for any celebration to buy at a charge of N825 per litre after which promote to customers at N945 or extra per litre. This constitutes extreme profiteering, additional burdening Nigerians for private achieve,” the assertion added.
“Dangote Refinery in its effort to make sure good high quality and inexpensive gasoline for Nigerians, is working with its companions to make this worth accessible. Customers who buy gasoline above the marketed charge at any of its key companions – AP (Ardova Plc), Heyden, or MRS – anyplace in Nigeria, are inspired to report back to Dangote Refinery with their receipts for a full refund of the surplus quantity.
The permitted charges per litre are as follows: MRS: N860 in Lagos, N870 within the South-West, N880 within the North, and N890 within the South-South and South-East; Heyden and AP: N865 in Lagos, N875 within the South-West, N885 within the North, and N895 within the South-South and South-East.
With the brand new gantry worth set at N825 per litre, Dangote Refinery expects that no Nigerian can pay greater than N900 per litre for PMS, no matter location or petrol station. The refinery additionally underlined its dedication to offering high-quality, eco-friendly gasoline that advantages automobile efficiency and helps public well being.
“Our dedication aligns with the aims of President Bola Tinubu’s Renewed Hope Agenda, which champions self-sufficiency in important sectors like power. We stay devoted to supporting Nigeria’s financial development and making certain each Nigerian has entry to inexpensive, high-quality power options,” the refinery stated.
Dangote Refinery concluded, “This initiative is certainly one of some ways Dangote Petroleum Refinery & Petrochemicals continues to contribute to a affluent and sustainable future for our nation. On this journey towards power safety, we stand united with the Nigerian individuals, all the time striving to offer lasting options and a extra affluent future for all.