Dangote Refinery has announced a reduction in the prices of Premium Motor Spirit (PMS), commonly known as petrol, and Automotive Gas Oil (AGO), also known as diesel, across Nigeria.

The 700,000-barrel-per-day refinery on Wednesday lowered its petrol gantry price to ₦1,165 per litre, down from ₦1,215 per litre. Diesel prices were also reduced to ₦1,570 per litre from ₦1,650 per litre.

This represents a decrease of ₦50 per litre for petrol and ₦80 per litre for diesel.

According to DAILY POST, the latest price adjustment is expected to further drive down retail pump prices nationwide.

Recall that the National President of the Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN), Billy Gillis-Harry, had earlier indicated that petroleum product prices would continue to decline if landing costs keep falling.