There is cautious optimism among Nigerians over reduction in fuel price following the decision of Dangote Refinery to slash price in what it called a Christmas/New Year bonanza.

Dangote had reduced the price to N899.50k per litre, to provide the much-needed relief for Nigerians ahead of the holiday season.

In a statement issued by the Group Chief Branding and Communications Officer of Dangote Group, Anthony Chiejina, the company also introduced a special offer to further benefit consumers.

In addition to the holiday discount, Dangote Petroleum Refinery is allowing consumers to purchase an additional litre of fuel on credit for every litre bought on a cash basis.

“To alleviate transport costs during this holiday season, Dangote Refinery is offering a holiday discount on PMS. From today, our petrol will be available at N899.50 per litre at our truck loading gantry or SPM. Furthermore, for every litre purchased on a cash basis, consumers will have the opportunity to buy another litre on credit, backed by a bank guarantee from Access Bank, First Bank, or Zenith Bank,” said Chiejina.

Daily Trust reports that the Nigerian Petroleum Company Limited (NNPCL) had earlier slashed its price from N1,025 in Lagos to N1,010.

Similarly, most major marketers have reduced their prices though none of them is selling below N1,000 at the moment.

Experts say the development represents the gain of deregulation, saying the decision by Dangote would further crash the price of PMS.

Speaking with our correspondent, National Public Relations Officer of IPMAN, Alhaji Olanrewaju Okanlawon told our correspondent that the effect of the reduction by Dangote should be expected next week.

Energy expert, Dr. Ayodele Oni stated that the reduction in prices “May alleviate public dissatisfaction and bolster confidence in the deregulation process.”