Business News
BREAKING: Dangote refinery cuts petrol price to N1,325 per litre
The latest fuel price adjustment is expected to put downward pressure on petrol pump prices nationwide.
Dangote Refinery has reduced the gantry price of Premium Motor Spirit (PMS), commonly known as petrol, following another decline in crude oil prices.
A market survey by Very Nigerian showed that the 700,000-barrel-per-day refinery reduced its petrol price from N1,350 to N1,325 per litre.
The latest adjustment represents a N25 reduction per litre and marks another cut in the refinery’s petrol price.
The development comes as Brent and West Texas Intermediate, WTI, crude prices declined by over 3 per cent to $100.50 and $92.43 per barrel, respectively, at the time of reporting.
The latest fuel price adjustment is expected to put downward pressure on petrol pump prices nationwide.
Very Nigerian reports that falling crude oil prices are mounting pressure on refiners and Nigerian refineries to cut petrol pump prices.
Recall that fuel gantry and pump prices had increased in the last two weeks as crude oil prices rose above $104 per barrel.
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