Dangote Petroleum Refinery has announced a further reduction in the gantry price of Premium Motor Spirit (PMS), commonly known as petrol, this is clearly a significant growth.
The new price is set at N835 per litre, down from N865 per litre, which is therefore a 3.5 per cent reduction.
This price adjustment comes after the recent decline in global crude oil prices, which have dropped to $64 per barrel from over $70 per barrel in the past few weeks.
Previously, the refinery reduced its gantry price from N880 to N865 per litre; however, oil marketers did not pass on the savings to consumers.
The Dangote Refinery, with a capacity of 650,000 barrels per day, continues to play a very vital role in Nigeria’s energy landscape.