Dangote Petroleum Refinery has lower the gantry worth of Premium Motor Spirit (PMS) to ₦835 per litre, down from ₦865.
This marks a 3.5 per cent discount, following a gentle drop in world crude oil costs, now hovering round $64 per barrel from over $70 in current weeks.
The three.5 per cent discount was confirmed by First Information on Petroleumprice.ng. This comes amid a drop in world crude oil costs, which have declined from over $70 to round $64 per barrel in current weeks. The refinery attributed the worth evaluation to this downward pattern in worldwide oil markets.
This marks the second worth lower in lower than a month. In March, Dangote Refinery had lowered the worth from ₦880 to ₦865 per litre.
Nonetheless, oil entrepreneurs had been criticised for failing to go on the financial savings to motorists and finish customers, leaving the pump worth largely unchanged at most filling stations throughout the nation.
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The 650,000 barrels per day refinery, hailed as Africa’s largest single-train refinery, is a privately owned facility situated in Ibeju-Lekki, Lagos.
It started supplying diesel and aviation gas to the home market earlier this yr, and in April, it commenced the sale of petrol to unbiased and main entrepreneurs.
Dangote’s transfer is a part of efforts to ease Nigeria’s post-subsidy gas burden, after the federal authorities eliminated subsidies in Might 2023, resulting in a pointy rise in petrol costs. Since then, Nigerians have grappled with greater transport fares, elevated inflation, and cost-of-living pressures.
As of the time of submitting this report, it stays unclear whether or not entrepreneurs will replicate the brand new gantry worth on the pump.
Nonetheless, the Dangote Group insists it’s dedicated to making sure gas affordability and provide stability throughout the nation.
