Motorists and businesses may soon enjoy some relief following a fresh reduction in the prices of petrol and diesel by the Dangote Petroleum Refinery & Petrochemicals.
The company announced that the ex-depot price of Premium Motor Spirit (PMS), otherwise known as petrol, has been lowered to N1,250 per litre from the previous N1,275 per litre. Automotive Gas Oil (AGO), commonly referred to as diesel, also recorded a significant drop, with the price reduced from N1,800 per litre to N1,700 per litre.
The latest adjustment reflects the refinery’s ongoing efforts to make petroleum products more affordable while improving supply within the domestic market. The reduction is expected to ease operating costs for transporters, manufacturers and other businesses that rely heavily on fuel for their daily activities.
Industry observers believe the move could have a positive impact on economic activities by lowering fuel-related expenses across several sectors.
Since commencing production, the refinery has steadily increased the supply of refined products to the Nigerian market as part of efforts to strengthen local refining capacity. With an installed processing capacity of 650,000 barrels per day, the facility has become a major contributor to the country’s drive to reduce reliance on imported petroleum products.