Dangote Refinery has reduced the prices of Premium Motor Spirit (PMS), popularly known as petrol, and Automotive Gas Oil (AGO), also known as diesel, in a move expected to trigger another round of lower pump prices across Nigeria.
The 700,000-barrel-per-day refinery on Wednesday cut its gantry price of petrol to N1,165 per litre from N1,215 per litre, representing a N50 reduction.
It also reduced the gantry price of diesel to N1,570 per litre from N1,650 per litre, an N80 decrease.
The latest price review is expected to further ease the cost of petroleum products nationwide as marketers adjust retail pump prices in line with the reduction.
The development comes amid a sustained decline in petroleum product prices and follows expectations by industry operators that fuel costs would continue to fall.
DAILY POST recalls that the National President of the Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN), Billy Gillis-Harry, recently said more filling stations would reduce petrol pump prices if the landing cost of imported fuel continued to decline.
The latest adjustment by Dangote Refinery is expected to strengthen competition in the downstream oil sector and provide relief to motorists and businesses grappling with high energy costs.
