Dangote Refinery has introduced a new cut in the ex-depot price of Premium Motor Spirit (PMS), popularly known as petrol, reducing it from N865 to N835 per litre.
Anthony Echiejina, Dangote’s Group Chief Branding and Communications Officer, made the pricing change official in a statement released in Lagos on Wednesday. He stated that the recent decline in global crude oil prices, which have dropped from above $70 to $64 per barrel in recent days, was the reason for the cut.
The revised gantry price of N835 per litre reflects a 3.5% decrease from the N865 per litre rate that had been effective over the previous six days. The company issued an official circular to notify its customers of the new pricing.
This latest downward adjustment follows a previous cut from N880 to N865 per litre. However, the benefit of the prior reduction was not reflected in consumer pump prices by oil marketers.
Nigeria’s downstream petroleum industry still depends heavily on the Dangote Refinery, which has a 650,000 barrels per day refining capability.
