The Dangote Petroleum Refinery and Petrochemicals has announced a fresh reduction in the prices of Premium Motor Spirit (PMS), popularly known as petrol, and Automotive Gas Oil (AGO), also known as diesel.

The latest adjustment comes weeks after the refinery increased its ex-gantry petrol price, a move that triggered reactions across the downstream petroleum sector.

Petrol Price Reduced by ₦25

According to the new pricing structure, the refinery has cut the gantry price of petrol by ₦25 per litre.

The product will now sell at ₦1,250 per litre, down from the previous price of ₦1,275 per litre.

The reduction is expected to influence retail pump prices in various parts of the country, depending on transportation and distribution costs.

Diesel Price Drops by ₦100

The refinery also announced a significant reduction in the price of diesel.

Automotive Gas Oil will now be sold at ₦1,700 per litre at the gantry, representing a ₦100 decrease from the previous price of ₦1,800 per litre.

The adjustment is expected to provide some relief for businesses, manufacturers, transport operators and other diesel-dependent sectors.

Comes Weeks After Price Hike

The latest development comes about three weeks after reports emerged that the refinery had increased the ex-gantry price of petrol.

The earlier increase was linked to market dynamics and fluctuations within the global energy sector.

The new reduction is likely to be welcomed by consumers and industry operators who have continued to grapple with rising energy costs.

Potential Impact on Consumers

Industry observers say the reduction could eventually reflect in pump prices if marketers pass on the savings to consumers.

However, the final retail price will still depend on factors such as logistics, transportation costs, depot charges and market competition.

The Dangote Refinery remains a major player in Nigeria’s downstream petroleum sector, with its pricing decisions often influencing fuel market trends nationwide.