Dangote refinery reduces petrol price by N25 per litre

Dangote Petroleum Refinery has slashed its gantry price of Premium Motor Spirit (PMS) or petrol by N25 per litre, lowering its ex-depot/gantry rate from N799 to N774 per litre.

The price adjustment was communicated to marketers last night, confirming that the new rate takes immediate effect nationwide.

“This is to notify you of a change in our PMS gantry price from N799 per litre to N774 per litre,” noted the refinery.

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A statement by the refinery said the adjustment strengthens the competitiveness of locally refined products, as the current landing price of imported PMS from Lome stands at about N793 per litre, compared to Dangote Refinery’s ex depot price of N774 per litre.

Tuesday’s reduction in ex-depot price is the latest in the adjustment of the cost of the essential commodity, which observers said is mostly driven by the exchange rate and global crude oil prices, among others.

Last year, the ex-depot cost of the commodity moved largely between N700 and over N800 per litre, affecting the pump price of PMS.