Dangote Reduces Petrol Price After Reaching Agreement With PENGASSAN
- Dangote Refinery has adjusted the price of petrol, hours after reaching an agreement with oil workers over the dismissal of staff
- The new ex-depot rate for marketers represents a slight reduction from the previous price before Independence Day
- PENGASSAN suspended its strike after the federal government intervened and Dangote made certain commitments
Legit.ng journalist Dave Ibemere has over a decade of experience in business journalism, with in-depth knowledge of the Nigerian economy, stocks, and general market trends.
The Dangote Petroleum Refinery has reduced its gantry petrol price to ₦832 from the previous rate of N841.
The adjustment comes as the Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN) called of their warning strike over the dismissal of 800 staff.
Source: Getty Images
This came as the leadership of the PENGASSAN announced the suspension of its nationwide strike over the dismissal of 800 staff against Dangote Petroleum Refinery.
PENGASSAN and the management of the 650,000 refinery have been at loggerheads and gas supply was cut off.
Following the intervention of the Federal Government a truce was reached with the Dangote refinery expected to reinstate sacked staff.
During a press conference, Festus Osifo, president of PENGASSAN, told journalists that:
"We are suspending and monitoring closely. Any slip on the part of Dangote, any part of this agreement, or any communiqué put out by the Ministry of Labour that is broken, we will not give any notice; or warning we will resume the suspended strike immediately.”
Dangote, other depot prices
With normalcy restored in the oil market, Dangote refinery and other private depot owners adjusted their prices.
Data from petroluemprice.ng, showed that Fuel prices at Dangote Refinery and other private depots shifted slightly on Wednesday after normalcy returned to Nigeria’s oil market, data from petroluemprice.ng showed.
Source: UGC
Dangote Refinery adjusted its ex-depot petrol price to ₦832 per litre. Pinnacle cut its price by ₦10 to ₦850, a 1.16% drop, while Rainoil’s Delta depot raised its price to ₦870, reflecting a ₦5 increase or 0.58%.
Other depots, including Bulk Strategic (₦870), Aiteo (₦860), Fynefield (₦870), Zamson (₦864), Parker (₦862), Matrix Warri (₦865), Sigmund (₦870) and Liquid Bulk (₦870), kept their prices unchanged. Rainoil’s Lagos outlet maintained petrol at ₦860.
The adjustments followed days of supply disruptions triggered by oil workers’ strike.
Another oil company begins direct fuel supply
Earlier, Legit.ng reported that Sixxco Oil Ltd, a Nigerian oil marketing company, has commenced direct receipt of petroleum products from the Dangote Refinery and Petrochemical Company Ltd., becoming the latest firm to lift products under the refinery’s Direct Delivery Scheme.
Sixxco Oil Ltd's Chief Executive Officer Hubert Ngoka said in a statement that the deal allows the firm to lift Premium Motor Spirit (PMS) and other fuels directly from the refinery for distribution to its affiliate filling stations and customers across Rivers State.
He added that the collaboration would give the company a competitive edge by keeping pump prices stable while ensuring consistent product availability.
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Source: Legit.ng
