Dangote Refinery has announced a fresh reduction in the ex-depot prices of Premium Motor Spirit (PMS), also known as petrol, and Automotive Gas Oil (AGO), commonly known as diesel.
The 700,000-barrel-per-day refinery on Wednesday reduced its petrol gantry price from ₦1,215 to ₦1,165 per litre, representing a ₦50 decrease. Diesel was also reduced from ₦1,650 to ₦1,570 per litre, a ₦80 price cut.
The latest adjustment is expected to trigger further reductions in retail pump prices across the country as marketers respond to the lower ex-depot rates.
Industry stakeholders have previously indicated that petrol prices could continue to decline if the landing cost of imported petroleum products remains low.
The price review is expected to provide some relief for motorists, businesses and consumers grappling with high transportation and energy costs.
:::writing
