“The new price reflects current market realities and our commitment to easing economic pressures,” a source at the refinery said.
In a notable development for Nigeria’s downstream oil sector, the Dangote Petroleum Refinery has once again reduced the gantry price of Premium Motor Spirit (PMS), popularly known as petrol, to N835 per litre, down from N865, representing a 3.5% cut.
This marks the second consecutive reduction in recent weeks, attributed to the fall in global crude oil prices, which have dipped from over $70 per barrel to $64 per barrel.
“The new price reflects current market realities and our commitment to easing economic pressures,” a source at the refinery said.
Previously, the refinery reduced its gantry price from N880 to N865, but oil marketers reportedly failed to extend the benefit to consumers at the pump.
With a 650,000 barrels-per-day capacity, the Dangote Refinery continues to shape Nigeria’s fuel pricing landscape and reduce dependence on imported fuel.
Industry stakeholders are watching to see if marketers will now align retail prices with the gantry drop.