KEY POINTS
- Dangote Refinery has reduced petrol and diesel prices at its gantry, offering potential relief to consumers.
- Petrol price dropped by N25 per litre to N1,250, while diesel fell by N100 per litre to N1,700.
- The price reduction comes as global crude oil prices continue to decline, raising expectations of lower fuel costs nationwide.
Nigeria’s largest refinery, Dangote Refinery, has announced a reduction in the prices of Premium Motor Spirit (PMS), popularly known as petrol, and Automotive Gas Oil (AGO), commonly referred to as diesel.
The development is expected to provide some relief for Nigerians who have been grappling with high transportation and energy costs driven by rising fuel prices.
The refinery’s spokesperson, Anthony Chiejina, confirmed the latest adjustment on Saturday, stating that the company had reviewed its ex-depot prices downward.
Petrol Price Reduced to N1,250 Per Litre
According to the refinery, the gantry price of petrol has been reduced from N1,275 per litre to N1,250 per litre, representing a N25 decrease.
The adjustment means marketers purchasing fuel directly from the refinery will now pay less, a development that could eventually translate into lower pump prices for consumers across the country.
The refinery also slashed the price of diesel from N1,800 per litre to N1,700 per litre, representing a N100 reduction.
The move is expected to benefit businesses, manufacturers, transport operators, and industries that rely heavily on diesel-powered equipment and generators for daily operations.
Confirming the new pricing structure, Chiejina said:
“We have reduced our PMS price from N1,275 to N1,250 per litre and AGO from N1,800 to N1,700 per litre.”
Industry observers believe the reduction could influence retail fuel prices nationwide. Before the latest adjustment, petrol was selling at between N1,350 and N1,370 per litre in many parts of the country, while diesel prices remained above N2,000 per litre in several locations.
Should marketers pass on the savings to consumers, Nigerians may witness a modest decline in transportation fares and operational costs in the coming weeks.
