Dangote refinery reduces ex-depot petrol price to N774/litre

Dangote Petroleum Refinery says it has slashed the ex-gantry price of its premium motor spirit, known as petrol, to N774 per litre.

In a statement on Tuesday, the refinery said it reduced the ex-gantry rate by N25 per litre, from N799 per litre.

The refinery said it had communicated the price adjustment to marketers, “confirming that the new rate takes immediate effect nationwide”.

“This is to notify you of a change in our PMS gantry price from N799 per litre to N774 per litre,” Dangote refinery said.

“The adjustment further strengthens the competitiveness of locally refined products, as the current landing price of imported PMS from Lome stands at about N793 per litre, compared to Dangote Refinery’s ex depot price of N774 per litre.”

On February 5, Dangote refinery said dependence on coastal logistics may push petrol pump price to N1,000 per litre.

The refinery said marketers are free to choose their preferred mode of evacuation, but warned that coastal logistics could add an additional annual cost of about N1.75 trillion.