Dangote Petroleum Refinery on Sunday reduced the prevailing price of its Premium Motor Spirit (PMS) from N990/litre to N970/litre for marketers.
In a statement signed by Group Chief Branding and Communications Officer of the company, Anthony Chiejina, the gesture is the company’s way of appreciating Nigerians.
“As the year comes to an end, this is our way of appreciating the good people of Nigeria for their unwavering support in making the Refinery a dream come true.
“In addition, this is to thank the government for their support as this will complement the measures put in place to encourage domestic enterprise for our collective wellbeing.
“While the refinery would not compromise on the quality of its petroleum products, we assure you of best quality products that are environmentally friendly and sustainable.
“We are determined to keep ramping up production to meet and surpass our domestic fuel consumption; thus, dispelling any fear of a shortfall in supply,” Chiejina said.
Meanwhile, Petroleum products marketers under the umbrella of Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN) say they have reached agreement with the Nigerian Midstream-Downstream Petroleum Regulatory Authority (NMDPRA), Nigerian National Petroleum Company Limited (NNPC Ltd.), Dangote Refinery and other stakeholders in the downstream sector of the petroleum industry on modalities to ensure uninterrupted supply and distribution of petroleum products in the country.
Other groups involved in the agreement aimed at ending the perennial crisis in the sector value chain include Major Energies Marketers Association of Nigeria (MEMAN), Depot And Petroleum Products Marketing Association of Nigeria (DAPPMAN), and Independent Petroleum Marketers Association of Nigeria (IPMAN).
The National headquarters of PETROAN said in a statement in Abuja on Sunday that they were happy with the roles played by the management of NNPC Ltd. under the leadership its Group Chief Executive Officer, under the leadership of Malam Mele Kyari; NMDPRA led by the Authority Chief Executive, Farouk Ahmed, and the President of Dangote Refinery, Alhaji Aliko Dangote, in reaching the agreement.
The National President of PETROAN while addressing news men at PETROAN’s headquarters Abuja expressed optimism that the resolutions will bring succour to the downstream sector and improve the Nigerian economy.
According to PETROAN’s national president, the new deal is part of a resolution reached by stakeholders on the absorption of domestic petroleum product production by Nigerian Oil Marketing Companies including the Nigerian National Petroleum Company Ltd.
Dr Billy Gillis Harry added that the resolution will attract so much benefit which includes stability of Petroleum products, control of price fluctuations, maintaining transparent communication, Addressing conflicts proactively and fostering collaboration among key stakeholder’s players.
On his part, the National PRO of PETROAN Dr Joseph Obele said those that signed the resolution includes NMDPRA, NNPCL, Edo Refinery, Dangote Refinery, Waltersmith Refinery, Aradel Refinery, Independent Petroleum Marketers Association of Nigeria and Petroleum Regulatory and Petroleum Products Retail Outlets owners Association of Nigeria.
The document as showed to the press by the National PRO of PETROAN indicates the availability of Aviation Turbine Kerosene and diesel from all domestic refineries would be provided to the NMDPRA for the same period of six months and must be subject to consideration for import as may be required
Dr Obele noted that the NMDPRA must establish the basis for allocating import volumes to oil marketing companies on the assumptions of the aggregate of domestic refinery capacity with understanding to cover shortfalls for respective marketers.
Dr Obele said with the resolution; the domestic refineries would provide fixed quantities and delivery windows, which must be a period of two months preceding the month of delivery to the customer and NMDPRA.
He added that individual oil marketing companies are to enter direct commercial agreements with domestic refineries on a willing buyer, willing seller basis.
