By Udeme Akpan, Energy Editor

In a significant development, Dangote Petroleum Refinery has announced a further reduction in the gantry price of Premium Motor Spirit (PMS), commonly known as petrol.

The new price is set at N835 per litre, down from N865 per litre, marking a 3.5 per cent decrease.

This price adjustment follows the recent decline in global crude oil prices, which have dropped to $64 per barrel from over $70 per barrel in recent weeks.

The refinery had previously reduced its gantry price from N880 to N865 per litre; however, oil marketers did not pass on the savings to consumers.

The Dangote Refinery, with a capacity of 650,000 barrels per day, continues to play a crucial role in Nigeria’s energy landscape.