The Dangote Petroleum Refinery has announced reduction in its ex-depot price of Premium Motor Spirit, PMS, also known as petrol, from N880 to N840 per litre.
Anthony Chiejina, the spokesman for Dangote Group made this known on Monday in Lagos.
Chiejina said, “PMS price has been reduced from N880 to N840 per litre effective 30th June.”
Dangote and other petroleum marketers had two weeks ago raised petrol price to over N900 per litre citing the war between Israel and Iran which lasted for barely 12 days. They claimed that the war had effect on the global crude oil prices.
The 12-day war which saw both sides attacking infrastructure in the two countries, saw crude oil price rose to nearly $80 per barrel, amidst experts fear that it could rise to over $100 per barrel.
This however did not happen following a United States, US brokered cease fire by the two countries which brought the war to an end.
Some marketers who receive products from Dangote Refinery informed the magazine on Monday that they have already adjusted their pump price in line with the new reality.
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