Dangote Refinery has announced a significant reduction in petrol prices, with rates dropping to as low as N899 per litre for two million litres.

This move marks a continued effort by the refinery to stabilise the market and enhance supply to marketers.

It emerged that the new pricing structure offers petrol at N899.5 per litre for cash purchases of two million liters, with an additional two million liters available on a bank guarantee valid for 15 days from Access, Zenith, and First Bank.

For higher volumes, marketers can purchase 10 million liters at N895 per litre with an equivalent matching volume on the same bank guarantee terms.

Recall that in November, the refinery lowered its Premium Motor Spirit (PMS) price to N970 per litre, down from N990. At the time, Dangote Refinery provided marketers with a N20 per litre discount to ease distribution costs.

The refinery?s latest price adjustment comes at a critical time for Nigeria?s energy sector, as stakeholders continue to navigate challenges surrounding fuel availability and affordability.

Market observers anticipate that the price reduction will alleviate some of the cost pressures on independent marketers and, by extension, consumers.

It, however, means trouble for fuel importers who placed orders based on hitherto prevailing retail prices and now face the prospects of heavy losses. (Adapted from an AriseNews TV report)