Dangote Refinery has reduced its Premium Motor Spirit (PMS) gantry price from ₦1,250 to ₦1,215 per litre, representing a decrease of ₦35.
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A market survey indicated that the new price had been confirmed by consortium marketers. The Chief Executive of Petroleumprice.ng, Olatide Jeremiah, also confirmed the adjustment, stating that depot owners, including Soroman, Aiteo and Masters, were selling petrol at between ₦1,255 and ₦1,300 per litre.
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Jeremiah explained that the revised Dangote Refinery price was the rate applicable to consortium marketers.
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The President of the Independent Petroleum Marketers Association of Nigeria (IPMAN), Abubakar Maigandi, welcomed the reduction, describing it as a positive development for Nigerians.
Petrol prices had remained high across the country in recent weeks, with retail rates at filling stations ranging between ₦1,370 and ₦1,429 per litre.
Following the refinery’s latest adjustment, retail petrol prices are expected to begin declining from Monday, although the extent of the reduction will depend on how marketers respond to the new gantry price.
Meanwhile, crude oil prices stood at $104 per barrel for West Texas Intermediate (WTI) and $113 per barrel for Brent crude at the time of the report.
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