Social media users have continued to express mixed reactions to the news of a reduction in the company price of Premium Motor Spirit (PMS), also known as petrol.
Dangote Refinery, today, announced a reduction in its PMS price to N899.50 per litre, stating that the move was aimed at offering relief to Nigerians during the holiday season, reports Nigerian Tribune.
In a statement issued by the Group Chief Branding and Communications Officer of Dangote Group, Anthony Chiejina, the refinery also introduced a special holiday offer.
According to the statement, for every litre purchased with cash, consumers can buy an additional litre on credit, backed by bank guarantees from Access Bank, First Bank, or Zenith Bank.
The announcement has, however, sparked mixed reactions on social media, particularly on X.
While some praised the price reduction, describing it as evidence of healthy competition in a free market, others raised concerns about the Nigerian National Petroleum Company Limited (NNPCL), suggesting that the price cut might negatively impact patronage of the state-owned oil company.
Reacting to the development, @Olumide_Omo9ja wrote, “NNPC is in trouble with this reduction, ẹ́ fún Mele lọ rú pá🤣🤣🤣.”
Another user, @eltama007 tweeted, ”Over to NNPC.”
“Can we now see the competition in our fuel prices? That’s why Monopoly is not too good. Effect of NNPCL. We’re getting there gradually. Naija go better. E GET WHY.” @OgbeniObSugar remarked.
@Tobienoch tweeted, “This is what they meant when they said full deregulation and privatization leads to competition and better micro-economics. See Dangote hustling 👏 see marketing moves. Just add about 2 more big players and we can trust the dynamics of supply and demand fully.”
@Lekan_mk wrote, “Interesting days ahead, I’m loving this honestly. A willing buyer willing seller market 💪🏿.”
“Correct let the competition begin.” @MoraOgo opined.
@Izagazin tweeted, “I love capitalism, compete or sink.”
In his opinion, @KingOpeofAbj urged Dangote Refinery to acquire filling stations and use them as retail outlets to sell directly to customers.
He tweeted, “Buy out fueling stations at strategic places and rebrand to Dangote’s, have your own retail points selling at your rate. Maybe by then NNPC go get sense.”
Supporting his stands, @Idrees_taheer wrote, “What remains is for Dangote to venture into retail service!!! So that consumers will benefit from such discount directly and immediately!”
Condemning the development, @Letter_to_Jack tweeted, “Capitalist wey borrow money build refinery dey do holiday bonanza. Do we have tribal marks?
“When you’re ready Alhaji, you will tell Nigerians that you are now in a competition with other suppliers and you’re doing your best to win through affordable pricing.”
