The Dangote Refinery has announced a fresh reduction in the price of Premium Motor Spirit (PMS) aka petrol, bringing the new rate down to N820 per litre from N840.
This latest N20 cut follows a previous reduction a week earlier, when the price dropped from N880 to N840 per litre—bringing the total decrease to N60, or approximately 6.82%, within one week.
Spokesman for Dangote Group, Mr. Anthony Chiejina, said the company reduced the price to make petrol more affordable for Nigerians.
“We have reduced petrol gantry price to N820 from N840 per litre,” he stated, noting that the price slash took effect from Tuesday.
Dangote, NNPC and other major fuel distributors in Nigeria hiked petrol prices less than three weeks ago, blaming it on the rise in crude oil prices in the international market as occasioned by the conflict between Israel and Iran.
The petrol prices of petrol hovered between N915 and N955 at the pumps, then, depending on the location. It was below N900 before the sudden hike.
During the price hike, marketers stated that the product was sold at N960 and N980 in the far north because of the distance.
However, as crude prices fell below $70 last week, the pump prices of PMS also declined. Crude prices had crashed because Israel and Iran stopped bombing each other, alleviating fears of a supply disruption in the Middle East.
As of Tuesday, several filling stations in Lagos and Ogun States were selling petrol for less than N900 per litre.Prices ranged between N875 and N890 per litre across the outlets.
A slight decrease in pump prices is anticipated in the coming days.
• Media Report