The Dangote Petroleum Refinery has reduced its petrol gantry price by N35 per litre, bringing the new rate down from N1,250 to N1,215.
The latest adjustment represents another reduction in the cost of Premium Motor Spirit (PMS), popularly known as petrol, amid persistent concerns over high fuel prices across the country.
A market survey confirmed that the refinery’s gantry price had dropped to N1,215 per litre.
The Chief Executive of Petroleumprice.ng, Olatide Jeremiah, also confirmed the development, disclosing that some depot owners, including Soroman, Aiteo and Masters, were selling petrol at prices ranging between N1,255 and N1,300 per litre.
Jeremiah said the new price was confirmed by consortium marketers.
Reacting to the reduction, the President of the Independent Petroleum Marketers Association of Nigeria (IPMAN), Abubakar Maigandi, described the development as positive for Nigerians.
He said the reduction was a welcome development for consumers.
Petrol prices have remained relatively high across filling stations, with retail prices ranging between N1,370 and N1,429 per litre before the latest adjustment.
However, the reduction in the refinery’s gantry price is expected to put pressure on retail prices, with motorists likely to begin enjoying lower rates from Monday.
The extent of the reduction at filling stations will depend on marketers and other distribution costs.
