Dangote Petroleum Refinery adjusted the ex-depot price of Premium Motor Spirit (PMS) in response to the appreciation of crude oil price in the international market, Daily Trust can report.
This is also in response to its earlier promise to always adjust its price anytime the crude oil price appreciates.
Daily Trust reports that Brent Crude closed $76.75 per barrel on Friday, a significant reduction from the previous day’s trading.
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And as of the time of filing this report yesterday, it crashed further at 75.67, signaling a positive beginning for the week.
Dangote Refinery on Saturday announced a reduction of the ex-depot price from N950 to N890, effective from Saturday.
This price adjustment, according to Dangote, is in response to favourable developments in the global energy sector and a significant decline in international crude oil prices.
It would be recalled that when Dangote increased its PMS price from N899.50 to N950, crude oil price was about $80 per barrel.
The Group Chief Branding and Communications Officer, Anthony Chiejina, explained that this latest move follows a similar decision made on 19th January, when a modest price increase was implemented due to rising crude oil costs.
Chiejina called on marketers across the country to ensure that the benefits of the reduced price are passed on to the Nigerian public.
Checks by our correspondent in Lagos yesterday showed that filling stations sell at N960 to N990 per litre.
National Public Relations Officer of IPMAN, Alhaji Olanrewaju Okanlawon, said the development in the industry is the beauty of deregulation.
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