Dangote Petroleum Refinery & Petrochemicals has reduced its ex-gantry price for Premium Motor Spirit (PMS), commonly known as petrol, to ₦1,200 per litre. The new price represents a decrease of ₦75 from the previous rate of ₦1,275 per litre. The refinery also set the coastal price at ₦1,153 per litre. In a statement released on Thursday night, the refinery announced the price adjustment, which takes immediate effect. The move comes amid ongoing geopolitical tensions in the Middle East that continue to influence global oil markets. This latest reduction is expected to ease pressure on fuel supply costs for marketers and could lead to a corresponding drop in retail pump prices across Nigeria in the coming days. The Dangote Refinery, Africa's largest, has been gradually adjusting its pricing structure as it ramps up local production to meet domestic demand and reduce reliance on imported petroleum products. Industry stakeholders view the price cut as a positive development for consumers, especially as Nigerians continue to grapple with high living costs. Further details on how the new gantry price will translate to pump prices at filling stations are expected from petroleum marketers in the coming hours.
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