Dangote Petroleum Refinery has reduced the price of Premium Motor Spirit (PMS), also known as petrol, to ₦825 per litre from ₦835 per litre.
According to reports, this is the latest modification as the refinery maintains its dominance in the competitive local market.
Last month, the refinery with a capacity of 650,000 barrels per day dropped petrol prices from ₦865 to ₦835 per litre, demonstrating a commitment to provide customers with greater value.
Oil marketers failed to pass on a previous price fall from ₦880 to ₦865 per litre to customers, prompting the latest reduction.
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According to Vanguard, the new price change is intended to strengthen Dangote Refinery’s leadership position in the domestic market, particularly as it navigates the competitive terrain of petrol supply.
This change coincides with the recent dip in global crude oil prices, which have fallen from more than $70 per barrel to roughly $64 per barrel in recent weeks.
The drop in crude oil prices has given the refinery a chance to decrease the price of gasoline, benefiting customers while reinforcing its market domination.
The price increases at the Dangote Refinery are significant since it plays a critical role in Nigeria’s energy sector as the country’s largest refinery.
