The gantry price of Premium Motor Spirit (PMS), also referred to as gasoline, has been reduced by Dangote Petroleum Refinery from ₦835 per litre to ₦825 per litre.
According to reports, this is the refinery’s most recent change as it maintains its dominance in the cutthroat domestic market.
In an effort to provide customers with greater value, the 650,000 barrels per day refinery lowered the price of gasoline last month from ₦865 per liter to ₦835 per liter.
The most recent cut comes after a prior price cut from ₦880 to ₦865 per litre, which was unsuccessful in getting passed on to customers by oil marketers.
Vanguard checks indicate that the latest price increase is intended to strengthen Dangote Refinery’s dominant position in the domestic market, especially as it negotiates the highly competitive gasoline supply market.
This change comes as global crude oil prices have recently fallen from over $70 per barrel to about $64 per barrel in recent weeks.
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The refinery was able to cut the price of gasoline as a result of the decline in crude oil prices, which benefited customers and strengthened its position as the market leader.
Being the biggest refinery in Nigeria, the Dangote Refinery is vital to the country’s energy industry, hence pricing fluctuations are noteworthy.
