Dangote Refinery has announced another reduction in the prices of Premium Motor Spirit (PMS), also known as petrol, and Automotive Gas Oil (AGO), commonly known as diesel.
The 700,000 barrels per day refinery made the adjustment on Wednesday, lowering the gantry price of petrol from N1,215 per litre to N1,165 per litre.
This represents a N50 reduction for every litre of petrol sold to marketers.
The refinery also reduced the gantry price of diesel from N1,650 per litre to N1,570 per litre, bringing the cost down by N80 per litre.
The latest price review is expected to have a positive impact on the downstream petroleum sector, as marketers who buy products directly from the refinery are likely to adjust their pump prices.
Industry observers believe the reduction could trigger more competition among filling stations, leading to lower prices for motorists and other consumers across the country.
If marketers pass on the savings to customers, Nigerians could begin to buy petrol and diesel at cheaper rates in the coming days.
Lower diesel prices may also reduce operating costs for businesses that rely heavily on diesel-powered generators, while transport operators could benefit from the drop in petrol prices.
The development comes amid growing competition in Nigeria’s petroleum market, with many filling stations already reviewing their prices in response to changing market conditions.
Analysts say continued reductions in fuel costs could ease transportation expenses and provide some relief to households and businesses facing high living costs.
The latest adjustment also follows recent comments by the National President of the Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN), Billy Gillis-Harry, who said fuel prices could decline further if the landing cost of imported petroleum products continues to fall.
The new pricing by Dangote Refinery is expected to influence market trends in the coming days, as marketers and independent filling stations respond to the latest reduction.
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