Emmanuel OchayiThe Dangote Refinery has introduced a new initiative aimed at providing relief to Nigerians during the festive season. Consumers can now access a special buy-one-get-one credit offer on petrol purchases. According to Anthony Chiejina, Group Chief Branding and Communications Officer of Dangote Group, this move is intended to ease transportation costs, especially as travel expenses typically rise during the holidays.
“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,” Chiejina revealed.
Join our WhatsApp ChannelThis offer comes as the refinery announces a reduction in the price of Premium Motor Spirit (PMS) to N899.50 per litre, down from the previous N970 per litre. As the first privately owned oil refining facility in Africa, Dangote Refinery is taking steps to support Nigerians while also maintaining its goal of reducing the country’s reliance on imported petroleum products.
If you’re wondering how to benefit from this offer, this article provides a clear step-by-step guide on how Nigerians can access the Dangote Refinery’s buy-one-get-one credit option.
How Does the Buy-One-Get-One Offer Work?
The Dangote Refinery’s offer allows consumers to receive an extra litre of fuel on credit for every litre they buy with cash. To qualify, customers must secure a bank guarantee from any of the participating banks: Access Bank, First Bank, or Zenith Bank. This guarantee serves as a form of financial assurance to the refinery that the customer will pay back the credit received.
According to Chiejina, the offer is part of the company’s effort to support Nigerians during the holiday period. “We’re committed to providing quality petroleum products at competitive prices while also supporting the Nigerian economy,” he said.
Steps to Access the Dangote Refinery’s Credit Offer
- Open an Account with a Participating Bank: If you do not have an existing account with Access Bank, First Bank, or Zenith Bank, you’ll need to open one. This is because the guarantee will only be issued by these banks.
- Request a Bank Guarantee: Visit your bank and request a bank guarantee to participate in the Dangote Refinery’s buy-one-get-one credit offer. You’ll need to provide necessary documents, such as valid identification and proof of income or creditworthiness, depending on the bank’s specific requirements.
- Submit the Bank Guarantee to Dangote Refinery: Once the bank issues the guarantee, it must be submitted to the Dangote Refinery’s designated point of collection. This ensures that the refinery recognizes you as an eligible participant in the offer.
- Purchase Petrol with Cash: Buy petrol with cash at N899.50 per litre from the Dangote Refinery’s truck loading gantry or SPM. For every litre purchased, you’re eligible to receive an additional litre on credit.
- Access Your Credit Litre: With your bank guarantee in place, you can access your extra litre of fuel. This credit can be utilised at any point, allowing for flexibility in how you manage your fuel consumption.
READ ALSO: Yuletide: Dangote Refinery Cuts Petrol Price To N899.50, Launches Holiday Credit Offer
Addressing Common Questions
What is a Bank Guarantee?
A bank guarantee is a financial instrument provided by a bank to ensure that a customer’s obligations to a third party (in this case, the Dangote Refinery) will be met. If the customer defaults on their obligation, the bank covers the debt.
Why Do I Need a Bank Guarantee to Access This Offer?
The bank guarantee acts as a form of security for the Dangote Refinery. It assures the refinery that even if a customer fails to pay back the credit, the bank will cover the cost.
Can I Use My Existing Bank Account for This Offer?
Yes, but only if your account is with Access Bank, First Bank, or Zenith Bank. If you do not have an account with these banks, you’ll need to open one to qualify.
Is the Bank Guarantee Free?
Bank guarantees are not typically free. Banks may charge fees for issuing guarantees, which can vary based on the terms of the agreement. Check with your bank for details.
How Long Does It Take to Get a Bank Guarantee?
The time it takes to receive a bank guarantee depends on the bank’s internal processes. It may require document verification and financial assessments, so it’s advisable to begin the process early.
What Happens If I Don’t Pay Back the Credit?
If you fail to pay back the credit, the bank will fulfill the payment obligation to Dangote Refinery on your behalf. However, the bank may then take steps to recover the money from you, which could affect your credit history and banking relationship.
Benefits of the Dangote Refinery Credit Offer
- Cost Savings: By reducing the price of petrol to N899.50 per litre and offering an additional litre on credit, Nigerians can stretch their budgets further.
- Ease of Payment: The use of a bank guarantee streamlines the process, allowing customers to receive fuel on credit while maintaining financial accountability.
- Holiday Relief: The offer aims to support Nigerians during the festive period, a time when transportation costs typically increase.
Final Thoughts
The Dangote Refinery’s buy-one-get-one credit offer provides a much-needed relief for Nigerians navigating the high cost of transportation. By partnering with Access Bank, First Bank, and Zenith Bank, the refinery has created a system that allows consumers to access affordable fuel while receiving credit for additional litres.
While the process of obtaining a bank guarantee may seem complex, it’s a practical solution to ensure financial security for both consumers and the refinery. Nigerians who wish to participate are encouraged to begin the bank guarantee process early to avoid delays in accessing the offer. As Anthony Chiejina noted, “This offer is part of our commitment to supply high-quality, environmentally friendly petroleum products at competitive prices.”
Emmanuel Ochayi is a journalist. He is a graduate of the University of Lagos, School of first choice and the nations pride. Emmanuel is keen on exploring writing angles in different areas, including Business, climate change, politics, Education, and others.
