The Dangote Refinery has implemented a fresh reduction in the ex-depot price of Premium Motor Spirit (PMS), commonly known as petrol, bringing it down from N865 to N835 per litre.
The Group Chief Branding and Communications Officer at Dangote, Anthony Echiejina, announced the price adjustment on Wednesday through a formal statement issued in Lagos. He noted that the reduction was prompted by a recent downturn in global crude oil prices, which have fallen from above $70 to $64 per barrel in recent days.
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.
With a refining capacity of 650,000 barrels per day, the Dangote Refinery continues to play a pivotal role in Nigeria’s downstream petroleum sector.
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