By Udeme Akpan
The Dangote Petroleum Refinery has reduced the gantry price of Premium Motor Spirit, PMS, also known as petrol, to N1,250 per litre from N1,275 per litre, representing a two per cent decrease.
Market checks by Vanguard confirmed the development as competition intensifies in Nigeria’s deregulated downstream petroleum market amid declining crude oil prices in the international market.
An official of the refinery confirmed the price adjustment, attributing it to the sustained drop in global crude oil prices, the refinery’s major feedstock.
“It is true that we have adjusted the gantry price of petrol due to the reduction in crude oil prices, which is our major feedstock. In a deregulated market, such adjustments should be expected,” the official said.
He added: “We are still monitoring developments and will continue to adjust prices in line with market realities.”
However, findings showed that many filling stations across the country are yet to reflect the new pr
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