The Dangote Petroleum Refinery has reduced its ex-gantry price for premium motor spirit (PMS), also known as petrol, by N50.
The cut reduces the ex-gantry price to N1,075 per litre.
In a statement on Thursday, the company said today’s reduction “is the fourth price cut in one month, bringing cumulative reductions to above N200 per litre on PMS”.
Dangote refinery said the reduction in price is based on actual production economics and inventory costs, not decline in global oil price.
“This approach ensures that pricing decisions are anchored on actual production economics and inventory costs rather than short term fluctuations in international oil markets. Nigeria today benefits from the stabilising role of domestic refining capacity,” the company said.
Over the same one-month period, Dangote refinery said it has reduced the ex-gantry price of automotive gas oil (AGO), also known as diesel, by N300 per
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