By Amos Udom
Business Development Anchor
In a notable development for Nigeria’s energy sector, the Dangote Petroleum Refinery has announced a further reduction in the ex-depot price of Premium Motor Spirit (PMS), commonly known as petrol.
The new gantry price is now N835 per litre, down from N865, reflecting a 3.5% decrease. This marks the second consecutive price cut in recent weeks and aligns with a decline in global crude oil prices, which have dropped to $64 per barrel, from over $70 earlier this month.
The refinery had previously lowered its price from N880 to N865 per litre. Despite these downward adjustments, many marketers have yet to pass on the savings to consumers, with pump prices remaining relatively high across the country.
With an installed refining capacity of 650,000 barrels per day, the Dangote Refinery continues to reshape Nigeria’s downstream petroleum sector. Its efforts are seen as a step toward achieving energy self-sufficiency and greater fuel price stability within the domestic market.
