The Dangote Refinery has officially lowered the cost of its Premium Motor Spirit (petrol) and Automotive Gas Oil (diesel) for customers throughout the country. As of Wednesday, the facility adjusted the petrol gantry price from N1,215 down to N1,165 per litre. Simultaneously, the price for diesel was lowered to N1,570 per litre, down from the previous rate of N1,650.
These adjustments represent a price reduction of N50 per litre for petrol and N80 per litre for diesel. Industry observers anticipate that this move by the 700,000-barrel-per-day refinery will contribute to lower fuel costs at retail pumps nationwide. Billy Gillis-Harry, head of the Petroleum Products Retail Outlets Owners Association of Nigeria, previously indicated that market prices would likely trend downward as landing costs stabilize or decrease.
