By Ayo Kehinde
The Dangote Petroleum Refinery has announced a further reduction in the gantry price of Premium Motor Spirit (PMS), commonly known as petrol, from N865 to N835 per litre.
This marks the second downward review in less than a week, after the refinery last Thursday reduced its price from N880 to N865 per litre.
In a related development, the Nigerian National Petroleum Company Limited (NNPCL) on Wednesday also adjusted its pump price, announcing a new rate of N910 per litre, down from the previous N925 per litre — a N15 reduction.
The downward price revisions by both the Dangote Refinery and NNPCL come on the heels of a sustained decline in global crude oil prices, which have fallen to $64 per barrel from over $70 in recent weeks.
The price cuts are expected to ease some of the pressure on consumers, amid rising inflation and the broader cost-of-living crisis.
