Dangote Refinery has reduced its Premium Motor Spirit (PMS) gantry price from N1,250 to N1,215 per litre, representing a N35 reduction.
A market survey indicated that the latest adjustment by the refinery had brought down its ex-depot price, while some independent petroleum depots were selling petrol at prices ranging between N1,255 and N1,300 per litre.
The Chief Executive of Petroleumprice.ng, Olatide Jeremiah, confirmed the price reduction, attributing the new rate to the refinery’s consortium marketers.
“It’s the consortium marketers’ price,” Jeremiah told journalists.
Also reacting to the development, the President of the Independent Petroleum Marketers Association of Nigeria (IPMAN), Abubakar Maigandi, described the reduction as a welcome development for Nigerians.
“It is a good thing for Nigerians,” Maigandi said.
The latest adjustment comes after petrol prices remained relatively high across the country in recent weeks, with retail prices at filling stations ranging between N1,370 and N1,429 per litre.
Following the reduction in the refinery’s gantry price, retail petrol prices are expected to witness a downward adjustment from Monday as marketers begin to reflect the new rate in their pump prices.
Meanwhile, international crude oil prices remained elevated, with West Texas Intermediate (WTI) trading at $104 per barrel and Brent crude selling at $113 per barrel at the time of the report.