By Our Reporter
The Dangote Refinery has announced a fresh reduction in the price of Premium Motor Spirit (PMS), popularly known as petrol, slashing the rate by N30 from N865 to N835 per litre. This marks a 3.5% decrease in response to falling global crude oil prices.
Crude oil prices have recently dropped from over $70 to about $64 per barrel, prompting the refinery to make the downward adjustment. The new gantry price is expected to ease pressure on domestic fuel costs, though concerns remain about whether retail marketers will pass the reduction on to consumers.
Previously, the refinery had reduced its gantry price from N880 to N865 per litre, but many oil marketers failed to reflect the lower cost at the pump, drawing criticism from industry watchers.
With a production capacity of 650,000 barrels per day, the Dangote Refinery continues to play a transformative role in Nigeria’s energy sector, bolstering local refining capacity and reducing dependency on fuel imports.
Market stakeholders and consumers are now watching closely to see if this latest price cut will bring real relief at filling stations nationwide.