Dangote Petroleum Refinery has slashed the gantry price of Premium Motor Spirit (PMS), commonly known as petrol, to ₦825 per litre from the previous price of ₦835 per litre.
Naija News reports that this marks the latest adjustment as the refinery continues to assert its leadership in the competitive domestic market.
The 650,000 barrels per day refinery had reduced the petrol price last month from ₦865 per litre to ₦835 per litre, reflecting a commitment to offer customers better value.
The latest reduction follows a similar price decrease from ₦880 to ₦865 per litre, which had been implemented earlier but failed to be passed on to consumers by oil marketers.
According to Vanguard checks, the new price adjustment is aimed at consolidating Dangote Refinery’s leadership position in the domestic market, particularly as it navigates the competitive landscape of petrol supply.
This adjustment coincides with a recent decline in global crude oil prices, which have dropped from over $70 per barrel to around $64 per barrel in recent weeks.
The reduction in crude oil prices has provided an opportunity for the refinery to lower the price of petrol, benefiting consumers while reinforcing its market dominance.
The Dangote Refinery’s price changes are significant, as it plays a crucial role in Nigeria’s energy sector, being the largest refinery in the country.