The Dangote Petroleum Refinery has announced a fresh reduction in the ex-depot prices of Premium Motor Spirit (PMS), popularly known as petrol, and Automotive Gas Oil (AGO), also known as diesel, in a move expected to provide relief to motorists, businesses, and consumers across Nigeria.
According to the latest price adjustment, the refinery reduced the ex-depot price of petrol from ₦1,215 per litre to ₦1,165 per litre, representing a ₦50 reduction. The price of diesel was also cut from ₦1,650 per litre to ₦1,570 per litre, amounting to an ₦80 decrease. The revised prices are expected to influence pump prices as marketers adjust their retail rates.
Industry stakeholders believe the latest price review will intensify competition in Nigeria’s downstream petroleum sector and could lead to lower fuel prices for consumers if marketers fully reflect the reductions at filling stations.
The development comes amid ongoing efforts to make petroleum products more affordable and improve the availability of locally refined fuel. Analysts say the reduction may also help ease transportation costs and reduce operating expenses for businesses that rely heavily on diesel-powered equipment.
Motorists and commercial transport operators have welcomed the announcement, expressing hope that the price cut will translate into lower pump prices nationwide in the coming days.
Reporting by PRESSHUB MEDIA AGENCY
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