DR
Dangote Petroleum Refinery has announced a reduction in the ex-gantry price of Premium Motor Spirit (PMS), popularly known as petrol, cutting the price by ₦100 per litre amid a decline in global crude oil prices.
According to the refinery’s latest pricing template, the gantry price of petrol has dropped from ₦1,175 to ₦1,075 per litre, while petrol supplied through coastal distribution will sell at around ₦1,050 per litre.
The refinery also announced a reduction in the price of Automotive Gas Oil (diesel), which fell by ₦190, dropping from ₦1,620 to ₦1,430 per litre.
The company explained that the price adjustment reflects the recent easing in international crude oil prices and the need to align domestic fuel pricing with global market trends.
Industry analysts say the development could offer short-term relief to fuel marketers and transport operators who had faced rising loading costs following several price increases in recent weeks.
The price reduction also comes after a series of upward adjustments earlier in the month that pushed petrol prices significantly higher, highlighting the strong influence of global crude oil fluctuations on Nigeria’s downstream petroleum market.
Market observers say the key question now is how quickly the reduction at the depot level will translate into lower retail pump prices at filling stations across the country.
How do you feel about this article?
Share this story
OA
Oyetoke Adedayo Ebenezer
Admin
Dedicated to bringing you the latest news and stories from Glow Media.
Comments (0)
Be the first to comment on this article!
