In a move aimed at easing the burden of rising fuel prices, the Dangote Petroleum Refinery has announced a reduction in the ex-depot price of Premium Motor Spirit (PMS), commonly known as petrol, from ₦880 to ₦865 per litre.

An official of the $20 billion refinery confirmed the price slash in a statement on Thursday, noting that fuel marketers and major distributors have already been notified of the adjustment.

Naija Blog Daily reports that this reduction is expected to slightly cushion the effects of high transportation costs and growing inflation, which have been fueled by elevated fuel prices in recent months.

The ex-depot price is the rate at which products are sold to marketers at the gantry before retailing to end users. While the price cut may not translate into an immediate pump price reduction, it is a positive signal in the effort to make fuel more affordable.

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The Dangote Refinery, Africa’s largest, recently commenced full operations and has become a key player in Nigeria’s downstream petroleum market.

As Nigerians continue to feel the economic impact of fuel subsidy removal and market-driven pricing, many will be watching to see if this price adjustment will bring relief at filling stations nationwide.

Stay tuned to Naija Blog Daily for further updates on fuel prices and the latest in the energy sector.

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