In a major development for Nigeria’s energy sector, the Dangote Petroleum Refinery has announced a fresh reduction in the gantry price of Premium Motor Spirit (PMS), commonly known as petrol.
The new ex-depot price is now N835 per litre, down from N865 per litre, representing a 3.5% decrease. This marks the second price cut in recent weeks and comes amid a drop in global crude oil prices, which have fallen to $64 per barrel, down from over $70 per barrel earlier this month.
The refinery had earlier adjusted its price from N880 to N865 per litre. However, despite these reductions, many oil marketers have yet to pass the savings on to consumers at the pump.
With a processing capacity of 650,000 barrels per day, the Dangote Refinery continues to reshape Nigeria’s fuel supply dynamics, positioning itself as a key player in efforts to achieve energy independence and price stability.