Dangote Refinery has announced another reduction in the ex-depot prices of Premium Motor Spirit (PMS), popularly known as petrol, and Automotive Gas Oil (AGO), otherwise known as diesel, in a move expected to trigger fresh cuts in pump prices across Nigeria.
The 700,000-barrel-per-day refinery on Wednesday lowered its gantry price for petrol by ₦50, bringing it down from ₦1,215 to ₦1,165 per litre. Diesel also recorded a significant reduction, dropping by ₦80 from ₦1,650 to ₦1,570 per litre.
The latest review marks another downward adjustment in the refinery’s pricing strategy and is expected to ease costs for marketers, with consumers likely to benefit from lower retail prices in the coming days.
Industry stakeholders have consistently maintained that falling product costs at the refinery and lower landing costs for imported fuel would translate into more affordable pump prices nationwide.
The latest reduction aligns with that expectation.
Speaking recently, the National President of the Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN), Billy Gillis-Harry, said fuel prices would continue to decline if landing costs remained on a downward trend.
The fresh price cut further strengthens expectations of increased competition in the downstream petroleum sector and renewed relief for motorists and businesses grappling with high energy costs.
