The Dangote Petroleum Refinery has once again announced a reduction in the price of Premium Motor Spirit (PMS), known as petrol.
The new price is now set at N835 per litre, dropping from the previous N865 per litre. This represents a 3.5 percent decrease, coming just weeks after a previous price reduction from N880 per litre.
The price drop is believed to be connected to the recent fall in global crude oil prices, which have slipped from over $70 per barrel to around $64 per barrel. This shift has allowed the refinery to adjust its pricing accordingly, aiming to ease the cost of fuel within the country.
The Dangote Refinery, located in Lagos, remains the largest in Africa, with a processing capacity of 650,000 barrels per day.
Since starting operations, it has been seen as a potential game-changer for Nigeria’s downstream oil sector, which has long struggled with fuel importation and price instability.
