DANGOTE Petroleum Refinery Business Group has again slashed the prices of consumption fuels including the diesel and aviation fuel to a lesser price of N940, and N980 per litre, respectively.

This is coming after its generally known celebration of price reduction to N1,000 for like two weeks ago.

The price reduction initiative of 940 naira holds for customers with demand of five million litres of fuel and above from the refinery and on the other hand, the price slash of N970 holds for customers purchasing one million litres of fuel and beyond that limit.

It is a kind of business strategy used by manufacturers and sellers to increase the unit of demands by buyers through the application of discount on higher quantity of commodities thereby creating chances for high quantity of supply and at the same moment being met by adequate demands from the buyers

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The Head of Communication of the petroleum industry, Mr Anthony Chiejina, who shared the development publicly in a statement, made it clear that the new price discount depicts the company’s philanthropic gestures and goodwill alleviate the effect of economic downturns in Nigeria at large.

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He made it clear in his statement by saying the following in quote:
“I can confirm to you that Dangote Petroleum Refinery has entered a strategic partnership with MRS Oil and Gas stations, to ensure that consumers get to buy fuel at affordable price in all their stations be it Lagos or Maiduguri. You can buy as low as 1 litre of diesel at N1,050 and aviation fuel at N980 at all major airports where MRS operates,”.Source

He further stated that the partnership deal would be further extended to other stakeholders in major oil marketing. The essence of this is to ensure that retail buyers and people with low purchasing power and magnitude do not buy at exorbitant and much expensive prices.

“The Dangote Group is committed to ensuring that Nigerians have better welfare and as such, we are happy to announce these new prices and hope that it would go a long way to cushion the effect of economic challenges in the country,” the statement read in part"Source

The management of Dangote Petroleum Refinery had earlier announced a further reduction of the price of diesel from 1200 to 1,000 Naira per litre barely just like two weeks ago.

This depicts the third major decrement in diesel price in far less than three weeks of a product sold at N1,700 to N1,200 and a further decrease to N1,000 and now N940 for diesel and N980 for aviation fuel per litre at the Dangote refinery.

Nigerian President Bola Tinubu a former governor of Lagos state had also commended Mr Dangote for the initial price reduction and slashing describing it as an enterprising feat and a sense of patriotism.

The Director General of the Manufacturers Association of Nigeria (MAN), Mr Ajayi Kadiri, in his reaction to this milestone achievement of Dangote group said that the decision of Dangote Refinery to first reduce the price from about N1,750/litre to N1,200/litre, followed by N1,000/litre and now N940, is an eloquent and clear demonstration of the capacity of the local and indigenous industrial systems to impact the Nigerian economy positively.

He added that the cushion effect of this intervention move is aimed at changing the dynamics of the country’s energy cost, at the moments of unstable and rising electricity costs tariffs.

The reduction will have far-reaching alleviating effects and ease of of management in critical sectors of the country such as the industrial operations, transportation, logistics, and agriculture, contributing to easing the country’s high inflation rate effect; many companies will sprang back to operation with good productivity.

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