Dangote Petroleum Refinery has again announced a fresh reduction in the pump prices of Premium Motor Spirit (PMS), also known as petrol, across Nigeria, with the new rates now ranging from N875 and N905 per litre, depending on the region.
According to a breakdown of the updated pricing template, residents in Lagos will now pay N875 per litre, while those in the South-West will buy petrol at N885. Prices in the North-East and South-South have been set at N905, while the North-West and North-Central regions will pay N895 per litre.
This adjustment reflects a N15 reduction per litre across all regions and applies to partner retail outlets, such as MRS, Ardova, Heyden, Optima Energy, Techno Oil, and Hyde Energy, working with the refinery.
Before this latest price cut, petrol sold for N890 per litre in Lagos and as high as N920 in the North-East and South-South. With the new rates, consumers in Lagos will now buy at N875, while those in the previously highest-priced regions will pay N905.
“Our quality petrol and diesel are refined for better engine performance and are environmentally friendly,” the company stated in an official notice.
The price slash comes shortly after the 650,000-barrels-per-day Lekki-based refinery attributed the reduction to a naira-for-crude deal, which has enabled it to lower the cost of petrol at the pump.
In a release signed by the Group Chief Branding and Communications Officer, Anthony Chiejina, the company reaffirmed its commitment to cushioning the effects of rising fuel prices on Nigerians.
“The decision to maintain price stability reflects our unwavering commitment to supporting the Nigerian economy and alleviating the burden on consumers from increasing fuel prices,” the statement reads.
The refinery assured that petrol prices will remain affordable and stable.
Meanwhile, this is not the first time Dangote Refinery will be reducing its petrol prices in recent months.
Recall that the Refinery last week slashed the gantry price of Premium Motor Spirit to N825 per litre from N835 per litre as competition continues in the domestic market.
Also, the refinery implemented two price reductions within the space of a week, crashing the gantry price by N45, from N880 to N835 per litre.
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