Dangote Refinery has reduced the price of Premium Motor Spirit (PMS), commonly known as petrol, from N865 to N835 per litre.e
The Group Chief Branding and Communications Officer of Dangote, Anthony Echiejina disclosed this in a statement on Wednesday in Lagos.
He said the price slash came after the recent decline in global crude oil prices, which have dropped to $64 per barrel from over $70 per barrel in recent weeks.
The new price is now set at N835 per litre, down from N865 per litre, which had been in effect for the past six days, representing a 3.5 per cent reduction.
Company communicated the price adjustment to its customers through an official notice on Wednesday.Freedomonline reports that the refinery had earlier lowered its gantry price from N880 to N865 per litre; nonetheless, oil marketers did not transfer the savings to consumers.
The Dangote Refinery plays a crucial role in Nigeria’s energy landscape.with a capacity of 650,000 barrels per day.