In a fresh move set to stir the downstream oil sector, Dangote Petroleum Refinery has once again reduced the gantry price of Premium Motor Spirit (PMS)—popularly known as petrol—by 3.5%, bringing it down to ₦835 per litre, from the previous ₦865.
This latest reduction comes as global crude oil prices continue to dip, with the benchmark price per barrel now hovering around $64, down from over $70 in recent weeks.
This marks the second price cut in a short span by the 650,000 barrels-per-day capacity refinery. It had earlier dropped the price from ₦880 to ₦865 per litre, although that initial reduction failed to reach consumers due to the reluctance of some marketers to adjust retail pump prices.
With this latest cut, Dangote Refinery further reinforces its influence in reshaping Nigeria’s petroleum pricing structure amid a liberalised market and fluctuating global oil dynamics.
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