…Gantry Price Cut by N25 to N1,325 Per Litre
Dangote Refinery has reduced its Premium Motor Spirit (PMS) gantry price as crude oil prices fell further on Monday.
CDA News Nigeria reports that a market survey by Daily Post showed that the 700,000-barrel-per-day refinery adjusted its fuel price to N1,325 per litre from N1,350.
CDA News Nigeria gathered that this means the mega refinery cut its fuel price by N25 per litre in its latest petrol price reduction. The development comes as Brent and West Texas Intermediate (WTI) crude prices declined by over 3 per cent to $100.50 and $92.43 per barrel, respectively, at the time of reporting.
The latest fuel price adjustment is expected to put downward pressure on petrol pump prices nationwide. Falling crude oil prices are mounting pressure on refiners and Nigerian refineries to cut petrol pump prices.
Recall that fuel gantry and pump prices had increased in the last two weeks as crude oil prices rose above $104 per barrel. The reduction comes amid the ongoing Dangote Refinery IPO, which opened on September 14, with 4.1 billion ordinary shares priced at N525 each.
Dangote Group CEO Aliko Dangote has consistently maintained that the refinery is committed to stabilising Nigeria’s fuel supply and reducing dependence on imported petroleum products. The refinery, with a capacity of 650,000 barrels per day, has been a major player in Nigeria’s downstream sector since it began operations.
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