The Dangote Petroleum Refinery has announced reduction in its ex-depot price of Premium Motor Spirit (PMS), also known as petrol, from N880 to N840 per litre.
This was confirmed on Monday night by the Group’s spokesperson, Anthony Chiejina.
Chiejina said, “PMS price has been reduced from N880 to N840 per litre effective 30th June.”
The price cut comes just weeks after the refinery raised the product’s cost due to a global surge in crude oil prices triggered by the Israel-Iran conflict and the uncertainty surrounding the bombing of the three Iranian nuclear facilities by the US President Donald Trump.
During that period, crude oil prices rose to nearly $80 per barrel with experts already projecting it to reach $130 per barrel depending on Iran response.
However, previous reports following a ceasefire in the conflict, have it that marketers were anticipating a change in pricing starting this week.
Following Dangote’s move, its distribution partners—including MRS, Heyden, and AP—are expected to adjust their pump prices in line with the new rate.
This is coming barely a week after the National Petroleum Company (NNPC) Limited increased its prices of petrol at its retail outlets in Lagos, Abuja and Ibadan by at least N35 to N45 per liter.