The Dangote Refinery has reduced the ex-depot price of premium motor spirit (PMS) from N880 to N840 per litre.
This development was confirmed on Monday by the President of the Independent Petroleum Marketers Association of Nigeria (IPMAN), Abubakar Maigandi, in an interview with DAILY POST.
Maigandi stated that the new pricing will be implemented by petroleum marketers once they commence loading of new products.
“It is true. Dangote Refinery reduced its petrol ex-depot price to N840 from N880 per litre on Monday. We are happy. Our members would implement the new price once they load new products,” he said.
The reduction represents a N40 cut in the price per litre and comes ahead of an emergency meeting by petroleum marketers scheduled for Tuesday to review pump prices.
The Dangote Refinery, located in Lagos, is a 650,000-barrel-per-day facility and is expected to play a significant role in stabilizing fuel prices in Nigeria.
