Dangote Petroleum Refinery has reduced the ex-gantry price of its premium motor spirit (PMS), commonly known as petrol, to N774 per litre.
In a statement issued on Tuesday, the refinery announced a N25 per litre reduction, lowering the price from N799 per litre.
The company said marketers have been formally notified of the adjustment, “confirming that the new rate takes immediate effect nationwide”.
“This is to notify you of a change in our PMS gantry price from N799 per litre to N774 per litre,” the refinery stated.
“The adjustment further strengthens the competitiveness of locally refined products, as the current landing price of imported PMS from Lome stands at about N793 per litre, compared to Dangote Refinery’s ex depot price of N774 per litre.”
Earlier, on February 5, the refinery had cautioned that reliance on coastal logistics could drive petrol pump prices up to N1,000 per litre.
It explained that while marketers are free to choose their preferred method of product evacuation, opting for coastal logistics could add approximately N1.75 trillion in additional costs annually.