Dangote Petroleum Refinery has decreased the gantry value of Premium Motor Spirit (PMS), often known as petrol, from ₦880 to ₦840 per litre, representing a 4.5 per cent drop.
The transfer follows a decline in international crude oil costs, which have slipped to round $67.50 per barrel from above $70, prompting downward changes throughout the Nigerian downstream oil market.
In line with findings by First Information, the refinery’s value reduce seems to be a strategic step to remain forward of competing non-public depots which have been slashing charges in current days.
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Checks on petroleumprice.ng additionally confirmed the revised charge, inserting Dangote barely beneath a number of Lagos depots reminiscent of Aiteo, Menj, Mao, and Aipec, which had been providing PMS at ₦860 per litre on Monday.
Earlier within the day, Dangote had withheld its Proforma Bill (PFI) value, sparking hypothesis throughout the sector. Entrepreneurs reportedly held again from lifting gasoline as they anticipated a value shift.
With its new ₦840 per litre benchmark, Dangote goals to regain a aggressive edge and appeal to extra quantity, particularly as non-public depot operators proceed to supply reductions to safe market share.
