The Dangote Refinery has announced another reduction in the gantry price of Premium Motor Spirit (PMS), commonly known as petrol, from N865 to N835 per litre.
Anthony Echiejina, Dangote’s Group Chief Branding and Communications Officer, disclosed this in a statement on Wednesday in Lagos.
Echiejina said that the price slash came after the recent decline in global crude oil prices, which have dropped to $64 per barrel from over $70 per barrel in recent weeks.
The new price is now set at N835 per litre, down from N865 per litre, which had been in effect for the past six days. This represents a 3.5 per cent reduction.
The company communicated the price adjustment to its customers through an official notice yesterday.
The News Agency of Nigeria (NAN) reports that the refinery had earlier lowered its gantry price from N880 to N865 per litre; nonetheless, oil marketers did not transfer the savings to consumers.
The Dangote Refinery, with a capacity of 650,000 barrels per day, plays a crucial role in Nigeria’s energy landscape.
