BREAKING: Dangote Refinery reduces fuel price as crude oil price falls
Dangote Refinery has lowered the price of Premium Motor Spirit (PMS) at its gantry in response to a drop in crude oil prices. The refinery, which has a production capacity of 700,000 barrels per day, has adjusted its fuel price from N1,350 to N1,325 per litre, marking a reduction of N25 per litre.
This price change follows a significant decline in crude oil prices, with Brent crude falling to $100.50 per barrel and West Texas Intermediate (WTI) decreasing to $92.43 per barrel, both dropping by over 3 percent as of Monday.
The adjustment in fuel pricing is anticipated to exert downward pressure on petrol prices at pumps across Nigeria. Recent reports indicate that declining crude oil prices are compelling refiners and Nigerian refineries to consider further reductions in petrol prices. This comes after a period where both gantry and pump prices had increased, driven by crude oil prices that had surpassed $104 per barrel in recent weeks.
