Dangote Refinery has reduced the price of Premium Motor Spirit (PMS), commonly known as petrol, following a further decline in global crude oil prices.
The 700,000-barrel-per-day refinery reduced its gantry price from ₦1,350 to ₦1,325 per litre, representing a ₦25 reduction per litre.
The latest adjustment came as Brent crude and West Texas Intermediate (WTI) prices fell by more than three per cent on Monday, trading at about $100.50 and $92.43 per barrel, respectively.
The reduction is expected to put downward pressure on petrol pump prices across Nigeria, although the extent and timing of any reduction at filling stations will depend on market conditions.
Crude oil prices had risen above $104 per barrel in the previous two weeks, contributing to increases in petrol gantry and pump prices.
The latest decline in crude prices has now increased pressure on refiners and fuel marketers to review petrol prices downward.
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