The decision by the Dangote Petroleum Refinery to slash the ex-depot price of Premium Motor Spirit (PMS), also known as petrol, has sparked concerns among petroleum marketers, who fear potential losses due to the sudden price drop.
On Saturday night, the refinery, which has a 650,000-barrel-per-day capacity, announced a reduction in petrol prices from ₦950 to ₦890 per litre. The move, according to a statement by Dangote Group’s Chief Branding and Communications Officer, Anthony Chiejina, aligns with global market trends, including falling crude oil prices. The refinery urged marketers to pass on the benefits to consumers, which could ease economic burdens nationwide.