The Dangote Petroleum Refinery has lowered its gantry price of Premium Motor Spirit (PMS) to ₦835 per litre.
The price dropped from ₦865 per litre, making it a 3.5% cut.
This is the second reduction in recent weeks as global crude oil prices fell to $64 per barrel from over $70 per barrel earlier this month.
The refinery had previously slashed prices from ₦880 to ₦865 per litre. Now, the new ex-depot price is “₦835 per litre” after a 3.5% reduction.
With a processing capacity of 650,000 barrels per day, the refinery plays a key role in Nigeria’s fuel supply. However, many oil marketers have yet to pass these savings on to consumers at the pump.
This price cut comes amid falling global crude oil prices and a drive for price stability in Nigeria’s fuel market, and also a renewal of the Crude-for Naira policy of the Nigerian government.
The price cut by Dangote Petroleum Refinery could be quickly followed by other oil majors such as the NNPC, potentially easing fuel expenses and transportation costs for Nigerians.
But that is only if the price cuts reach the pump stations, where the impact will be felt by consumers.
Like 👍, Comment, share this article, and Follow us on our social media handles.
WhatsApp Channel
Telegram Channel
This will be a welcoming development if the adjustment is implemented by the fuel stations and through them to the consumers.