Dangote Refinery reduces petrol gantry price to N1,215 per litre

Dangote Refinery has significantly reduced its Premium Motor Spirit, PMS, gantry price.

A market survey showed that the refinery's petrol gantry price dropped to N1,215 per litre from N1,250.

This represents a reduction of N35 per litre by Africa's largest refinery.

The Chief Executive of Petroleumprice.ng, Olatide Jeremiah, has also confirmed the latest fuel price reduction by Dangote Refinery, noting that depot owners such as Soroman, Aiteo and Masters are selling petrol at between N1,255 and N1,300 per litre.

According to him, the confirmation of the Dangote Refinery's new price came from consortium marketers.

"It's the consortium marketers' price," he disclosed in an interview.

Reacting to the development, the President of the Independent Petroleum Marketers Association of Nigeria, IPMAN, Abubakar Maigandi, described the price reduction as a positive development for Nigerians.

"It is a good thing for Nigerians," he said.

Petrol prices had remained elevated in recent weeks before the latest downward adjustment by the refinery.

Currently, retail petrol prices across filling stations in Nigeria range between N1,370 and N1,429 per litre.

However, following Dangote Refinery's price reduction, retail petrol prices are expected to decline significantly from Monday.

Crude oil prices stood at $104 and $113 per barrel for West Texas Intermediate, WTI, and Brent crude, respectively, at the time of filing this report.