Dangote Refinery has reduced the nationwide gantry prices of Premium Motor Spirit (PMS), popularly known as petrol, and Automotive Gas Oil (AGO), commonly called diesel.
The 700,000-barrel-per-day refinery announced a reduction in its petrol gantry price to N1,165 per litre from N1,215 per litre, representing a N50 decrease.
Similarly, the refinery lowered the gantry price of diesel to N1,570 per litre from N1,650 per litre, translating to an N80 reduction.
The latest price review is expected to trigger a reduction in retail pump prices across the country as marketers adjust to the lower ex-depot rates.
Industry stakeholders say the development could provide some relief to consumers and businesses grappling with high transportation and energy costs.
The National President of the Petroleum Products Retail Outlets Owners Association of Nigeria, Billy Gillis-Harry, had earlier indicated that petroleum product prices would continue to decline if the landing cost of imported fuel remained on a downward trend.
The latest adjustment by Dangote Refinery reinforces expectations of increased competition in Nigeria’s downstream petroleum sector and could further ease pressure on fuel prices in the domestic market.
