Dangote Refinery has announced a nationwide reduction in the prices of Premium Motor Spirit (PMS), commonly known as petrol, and Automotive Gas Oil (AGO), also known as diesel.
The 700,000-barrel-per-day refinery on Wednesday slashed its petrol gantry price from N1,215 to N1,165 per litre, while the price of diesel was reduced from N1,650 to N1,570 per litre.
The adjustment represents a N50 per litre reduction in the price of petrol and an N80 per litre cut in the price of diesel.
The latest price review is expected to trigger a further decline in retail pump prices across the country as marketers adjust to the lower ex-depot rates.
The National President of the Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN), Billy Gillis-Harry, had earlier stated that petroleum product prices would continue to fall if the landing cost of imported fuel keeps declining.
