Dangote Refinery Reduces Fuel Price Again

Dangote Petroleum Refinery has announced another reduction in the gantry price of Premium Motor Spirit (PMS), commonly known as petrol, from N865 to N835 per litre.

The price slash came after the recent decline in global crude oil prices, which have dropped to $64 per barrel from over $70 per barrel in recent weeks.

The new price represents a ₦30 reduction from ₦865 per litre implemented six days ago, marking a 3.5 per cent decrease, and a ₦45 reduction from the ₦880 per litre sold by the facility last Wednesday.

This price cut marks Dangote’s third downward adjustment in under six weeks.

The refinery informed its customers in a notice sent out on Wednesday morning.

A pro forma invoice was sighted by our correspondent, and checks on petroleumprice.ng also confirmed the development.

The document detailing the revised price structure shows that PMS at the gantry will now sell for ₦835 per litre, inclusive of NMDPRA statutory levies, while coastal sales remain on hold.

The diesel gantry price is set at $608 plus a $70 surcharge, payable either in naira at ₦1,650/$ or in USD.

Coastal sales are also on hold. Jet fuel will be sold at $664.75 with a $42 gantry surcharge and a $22 coastal surcharge.

Recall that the refinery had earlier lowered its gantry price from N880 to N865 per litre; nonetheless, oil marketers did not transfer the savings to consumers.

The Dangote Refinery, with a capacity of 650,000 barrels per day, plays a crucial role in Nigeria’s energy landscape.