Dangote Petroleum Refinery & Petrochemicals has diminished its gantry worth for Premium Motor Spirit (PMS), also called petrol, to ₦1,200 per litre, marking a big downward adjustment of as much as ₦150 per litre.
The refinery additionally minimize its coastal worth to ₦1,153 per litre, reflecting a broader overview of its pricing construction.
Previous to the discount, gantry costs hovered between ₦1,300 and ₦1,350 per litre, making the most recent adjustment some of the notable worth drops in latest weeks.
The transfer comes regardless of ongoing tensions within the Center East, which have continued to exert upward strain on world oil costs.
Business observers say the discount may affect gas pricing throughout the downstream sector, significantly at depots and shops, with potential implications for pump costs nationwide.
The event can be seen as a strategic effort to boost competitiveness, ease provide prices, and consolidate market share in Nigeria’s evolving petroleum market.
Market stakeholders are anticipated to watch how shortly the value adjustment interprets to decrease retail costs and broader shopper aid.
Times Nigeria