By Uzair Adam Dangote Petroleum Refinery has once again reduced the gantry price of Premium Motor Spirit (PMS), popularly called petrol, cutting it by 3.5 per cent.
The new rate is now N835 per litre, down from the previous N865, following a steady decline in global crude oil prices, which recently dropped to $64 per barrel from over $70.
This marks the second price cut in recent weeks, after the refinery earlier brought the price down from N880 to N865 per litre.
However, marketers reportedly failed to reflect the reduction at retail outlets.
With a daily refining capacity of 650,000 barrels, the Dangote Refinery continues to shape Nigeria’s downstream petroleum sector and influence market trends.