Yemisi Izuora
Pump Price of Premium Motor Spirit (PMS) also called petrol would crash soon as Christmas approaches.
This is coming as Dangote Refinery has announced reduction of price sold to marketers.
The refinery according to Group Brand and Communications Manager of Dangote Group, Anthony Chiejina, has adjusted its price from N990 a liter to N970 in a measure of appreciation to Nigerians for support of the project.
according to Chiejina, the refinery would continue to ramp up production to ensure supply sustainability in domestic market.
This adjustment is coming amidst crude supply gap by the Nigerian National Petroleum Corporation (NNPC) which the management has acuused of failing to meet its crude oil supply obligations under the naira-for-crude agreement.
Edwin Devakumar, the Vice President of the Dangote Group, disclosed this in a statement reported by Reuters.
Devakumar explained that the national oil company had committed to supplying the refinery with a minimum of 385,000 barrels per day (bpd) under the crude-for-naira deal.
However, he alleged that the NNPC is falling short of this commitment.
According to Reuters, Devakumar characterized the volume of crude currently supplied by NNPC Limited as “peanut,” though he did not specify the exact amount.