The ex-depot price of Premium Motor Spirit (PMS), also referred to as gasoline, has been significantly lowered by Dangote Petroleum Refinery from N835 to N825 per litre.
Amid Nigeria’s continuous efforts to stabilize the fuel supply and lessen reliance on imported petroleum products, the new pricing, which is effective immediately, is a relief.
According to industry analysts, if marketers pass the savings on to customers, the cut may result in reduced pump prices nationwide.
Following the successful loading of products at the refinery, sources verified on Monday that the refinery has lowered its price for its customers to N825 per litre by giving them a N10 refund.
According to the sources, marketers continue to pay N835 per litre for goods, but after loading and removing them from the refinery, they are refunded N10.
Customers and marketers are now able to sell the goods at a lower band of N830 to N835, outpricing private depot owners and imported marketers thanks to the secret price change.
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