Dangote Petroleum Refinery has reduced the ex-depot price of Premium Motor Spirit (PMS) by N50 per litre, bringing the total reduction to N200 per litre within one month and lowering the gantry price to N1,075 per litre.
The refinery also disclosed that it has cut the ex-depot price of diesel by N300 per litre and Jet A1 aviation fuel by N520 per litre over the same period.
In a statement, the company said the price reductions reflect its commitment to passing lower production costs to consumers, despite processing crude oil purchased earlier at much higher international prices.
Dangote Refinery explained that fuel prices are based on actual crude acquisition and production costs rather than daily fluctuations in global oil prices, noting that it absorbed a significant portion of higher feedstock costs to help stabilise the domestic market.
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The company added that Nigeria is benefiting from increased domestic refining capacity, which has reduced dependence on fuel imports, strengthened energy security and helped keep local fuel prices below those of neighbouring countries.
It expressed optimism that if global crude oil prices remain favourable and lower-cost crude continues to enter its production cycle, Nigerians should expect further reductions in petroleum product prices.
(Editor: Ebuwa Omo-Osagie)
