Dangote Refinery reduces fuel price as crude oil price falls

Dangote Refinery has reduced its Premium Motor Spirit, PMS, gantry price as crude oil prices fell further on Monday.

A market survey by DAILY POST showed that the 700,000-barrel-per-day refinery adjusted its fuel price to N1,325 per litre from N1,350.

This means that the mega refinery cut its fuel price by N25 per litre in its latest petrol price reduction.

The development comes as Brent and West Texas Intermediate, WTI, crude prices declined by over 3 per cent to $100.50 and $92.43 per barrel, respectively, at the time of reporting.

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The latest fuel price adjustment is expected to put downward pressure on petrol pump prices nationwide.

DAILY POST reports that falling crude oil prices are mounting pressure on refiners and Nigerian refineries to cut petrol pump prices.

Recall that fuel gantry and pump prices had increased in the last two weeks as crude oil prices rose above $104 per barrel.

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