Dangote Petroleum Refinery has reduced the ex-gantry prices of Premium Motor Spirit (PMS), commonly known as petrol, and Automotive Gas Oil (AGO), also known as diesel, in its latest downward price adjustment.
Under the revised pricing, the refinery lowered the petrol price by N50 per litre to N1,165 from N1,215, while diesel was reduced by N80 per litre to N1,570 per litre from N1,650.
The latest adjustment is expected to trigger at least a commensurate reduction in retail pump prices across the country as marketers respond to the lower ex depot costs.
Industry operators said reductions in wholesale fuel prices could translate into lower pump prices for consumers, amid uncertainty over the outcome of the US-Iran conflict, which had triggered a global increase in petroleum product prices.
The price cut also comes amid continued adjustments in Nigeria’s downstream petroleum sector, with stakeholders anticipating further declines in fuel prices
