Dangote Refinery has reduced the price of its Premium Motor Spirit (PMS), commonly known as petrol, and Automotive Gas Oil (AGO), or diesel, nationwide.
On Wednesday, the 700,000-barrel-per-day refinery cut its petrol gantry price to N1,165 per litre from N1,215 per litre, and lowered diesel to N1,570 per litre from N1,650 per litre.
This move reduces the refinery’s petrol and diesel prices by N50 and N80 per litre, respectively.
The Refinery said it slashed the prices to reaffirm its commitment to providing affordable, high-quality petroleum products to the Nigerian market.Â
According to sources, this is the latest Dangote refinery fuel price reduction and may likely drive down retail pump prices across Nigeria.
According to the company, the price reduction reflects its ongoing efforts to improve energy affordability, improve access to refined petroleum products, and support economic activity across Nigeria. It also stated that it remains committed to ensuring stable supply while leveraging operational efficiencies to deliver value to consumers, businesses, and stakeholders.
The company restated its commitment to contributing to the growth of the Nigerian economy and passing on the benefits of increased operational efficiencies to customers whenever market conditions allow.
Backstory…
The latest price reduction comes after weeks of frequent adjustments by the Dangote Refinery, with petrol and diesel prices moving both upward and downward in response to changing market conditions.
In recent weeks, motorists have witnessed a series of price hikes driven largely by volatility in global crude oil prices before the refinery began rolling back prices as international oil markets eased and competition in Nigeria’s downstream sector intensified.
Meanwhile, this comes barely 48 hours after Nigerian National Petroleum Company Limited (NNPCL) retail outlets also slashed petrol pump price.
The refinery’s latest decision is expected to influence pump prices nationwide, particularly among marketers sourcing products directly from Dangote.
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