By Our Reporter
Dangote Refinery has announced another reduction in the gantry prices of Premium Motor Spirit (PMS), also known as petrol, and Automotive Gas Oil (AGO), commonly referred to as diesel, in a move expected to trigger lower fuel prices across Nigeria.
The 700,000-barrel-per-day refinery on Wednesday cut the gantry price of petrol from ₦1,215 per litre to ₦1,165 per litre, representing a ₦50 reduction. Diesel prices were also reduced from ₦1,650 per litre to ₦1,570 per litre, amounting to an ₦80 decrease.
The latest price adjustment is expected to influence retail pump prices nationwide as marketers review their pricing in line with the lower ex-depot rates.
The reduction comes amid expectations of continued declines in petroleum product prices, driven by improving market conditions and lower landing costs.
Earlier, the National President of the Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN), Billy Gillis-Harry, said fuel prices could continue to fall if the landing cost of imported petroleum products maintains its downward trend.
Industry stakeholders believe the latest price review by Dangote Refinery could intensify competition in the downstream petroleum sector and provide some relief to consumers facing high transportation and energy costs.
