The Dangote Petroleum Refinery & Petrochemicals has announced a fresh reduction in the ex-depot prices of Premium Motor Spirit (PMS) and Automotive Gas Oil (AGO).
In a statement on Saturday, the company said the reduction reinforces its commitment to making refined petroleum products more affordable and supporting economic activities across Nigeria.
Under the latest price adjustment, the refinery reduced the ex-depot price of PMS, commonly known as petrol, to N1,250 per litre from N1,275 per litre, while the price of AGO (diesel) was cut to N1,700 per litre from N1,800 per litre.
“The price review comes amid the refinery’s continued efforts to improve supply efficiency, deepen domestic refining, and provide cost relief to consumers and businesses that depend heavily on petroleum products for transportation, power generation and industrial operations,” the statement read.
Fuel price has doubled since February when Israel and the US launched a war against Iran, killing its Supreme Leader.
However, in retaliation, Iran laid siege to the Strait of Hormuz, making it difficult for fuel laden vessels to cross.
The development triggered price surge, globally, with Nigeria being one of the badly affected nations.
