Dangote Petroleum Refinery has announced a fresh reduction in the ex-gantry price of Premium Motor Spirit (PMS), popularly known as petrol, cutting the rate by N50 per litre from N1,175 to N1,125 per litre.
The new pricing takes immediate effect and is expected to influence retail pump prices across the country as marketers adjust their costs.
The latest reduction follows a series of recent price reviews by the refinery. Earlier this month, Dangote Refinery lowered its ex-gantry petrol price from N1,250 to N1,175 per litre after a decline in global crude oil prices and easing geopolitical tensions in the Middle East.
Industry observers expect the latest cut to provide some relief for consumers and businesses grappling with high transportation and energy costs. However, the extent of reductions at filling stations will depend on factors such as distribution expenses, existing stock levels, and marketers’ pricing strategies.
The 650,000-barrel-per-day Dangote Petroleum Refinery has become a major supplier of refined petroleum products in Nigeria, helping to reduce the country’s reliance on imported fuel. The refinery has repeatedly stated that its pricing decisions are influenced by movements in the international crude oil market and prevailing operating costs.
The development is likely to be closely watched by motorists, transport operators and businesses, as any reduction in pump prices could help moderate operating expenses across the economy.
