Dangote Petroleum Refinery and Petrochemicals has reduced its ex-depot price of petrol, also known as Premium Motor Spirit (PMS), from N880 to N865 per litre.
The $20 billion 650,000-barrel-per-day facility communicated the new pricing to its marketers and customers, effective immediately.
The reduction follows a meeting between representatives of the Dangote Refinery and the Minister of Finance, Wale Edun, where the federal government reaffirmed that the naira-for-crude oil policy remains in place as a “key policy directive designed to support sustainable local refining”.
This move is seen as a measure to shield Nigerians from soaring fuel prices, with the refinery absorbing the reduced profit margins.
The development has been confirmed by an official of the refinery, who stated that the price review had taken effect.
