Dangote Petroleum Refinery has officially lowered the gantry price of Premium Motor Spirit (PMS) by N25 per litre, with the new ex-depot/gantry rate adjusted from N799 to N774 per litre.
This price change was communicated to marketers on Tuesday, indicating that the revised rate is now in effect across the nation.
The refinery stated, "This is to notify you of a change in our PMS gantry price from N799 per litre to N774 per litre."
Furthermore, this adjustment aims to bolster the competitiveness of locally produced fuels, as the current landing price for imported PMS from Lome reaches approximately N793 per litre. In contrast, Dangote Refinery's new ex- depot price stands at N774 per litre.
This decision follows closely on the heels of a prior announcement made two weeks earlier, which raised the ex-gantry price to N799 per litre from N699, subsequently leading to retail prices by MRS Oil Nigeria Plc reaching N839 per litre nationwide.
Dangote Refinery clarified that the price adjustment was part of an end to a temporary festive price support initiative designed to mitigate the financial burden on consumers during the holiday season, a time often characterized by increased household spending.
During this period, the refinery absorbed considerable costs, which included a deliberate price reduction aimed at increasing affordability and ensuring market stability.
The company emphasized that this measure is crucial for fostering long-term sustainability, affordability, and stability within the downstream petroleum sector.
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