Dangote Petroleum Refinery has reduced the gantry price of Premium Motor Spirit, PMS, also known as petrol to N825 per litre from N835 per litre as competition continues in the domestic market.
Recall that last month, the 650,000 barrels per day refinery reduced the gantry price of petrol to N835 per litre from N865 per litre.
Sources confirmed on Monday that the refinery has reduced its price to N825 per litre for its customers, through a rebate of N10 after successful loading of products at the refinery.
The sources said marketers are still paying N835 per litre for products but receive a N10 refund after loading and evacuating them from the refinery.
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The official said, “The Dangote refinery has started giving a rebate on its products. It’s not an official reduction yet, but paid back after marketers buy products from them.”
The new pricing, effective immediately, comes as a relief amid Nigeria’s ongoing efforts to stabilise fuel supply and reduce dependence on imported petroleum products.
This followed the restart and full implementation of the Naira-for-Crude agreement with local refiners after an earlier suspension.
Industry analysts suggest the reduction could lead to lower pump prices across the country if marketers pass on the savings to consumers.