The Dangote Refinery has announced fresh reductions in the ex-depot prices of Premium Motor Spirit (PMS), popularly known as petrol, and Automotive Gas Oil (AGO), or diesel, in a move expected to trigger another round of lower pump prices across Nigeria.
The refinery on Wednesday cut its petrol gantry price by N50 per litre, bringing it down to N1,165 from N1,215 per litre. Diesel also recorded a steeper reduction of N80 per litre, dropping from N1,650 to N1,570 per litre.
The latest price adjustment is expected to provide relief for motorists, businesses and households as marketers are likely to reflect the reductions at filling stations nationwide.
Industry observers say the cuts reinforce the downward trend in domestic fuel prices, amid improving market conditions and lower import-related costs.
The National President of the Petroleum Products Retail Outlets Owners Association of Nigeria, Billy Gillis-Harry, had earlier projected that petrol prices would continue to decline if the landing cost of imported petroleum products keeps falling.
