Nigerian filling stations have reduced their Premium Motor Spirit, PMS, pump prices by between N35 and N90 per litre, about three weeks after Dangote Refinery’s gantry price reduction.
This means that in the first 20 days of August, Nigerian filling stations adjusted their petrol pump prices downward by at least N35 per litre.
Dangote Refinery’s petrol is N53.54 cheaper than imported fuel, whose landing cost stood at N1,218.54 per litre.
The petrol price movement reflects the dynamic nature of Nigeria’s downstream oil sector.
Despite falling domestic petrol prices in Nigeria, Brent and West Texas Intermediate crude stood at $91.90 and $84.60 per barrel, respectively, at the time of reporting.
