In a major development for Nigeria’s downstream oil sector, the Dangote Petroleum Refinery has announced another reduction in the gantry price of Premium Motor Spirit (PMS), commonly known as petrol.
The new gantry price is now pegged at N835 per litre, down from N865, representing a 3.5 per cent decrease. The latest adjustment comes on the heels of a steady decline in global crude oil prices, which have fallen from over $70 per barrel to $64 per barrel in recent weeks.
This move follows a previous reduction by the refinery from N880 to N865 per litre, a change which oil marketers reportedly failed to reflect in retail prices at the pump.
As Africa’s largest oil refinery with a capacity of 650,000 barrels per day, Dangote Refinery continues to shape Nigeria’s energy landscape, offering a potential solution to the country’s long-standing fuel supply and pricing challenges.
The refinery’s consistent pricing adjustments in response to market trends aim to encourage competition and transparency in fuel distribution across the country.
