A major Nigerian refinery has announced a reduction in
the ex-depot prices of Premium Motor Spirit (PMS), commonly known as petrol,
and Automotive Gas Oil (AGO), also known as diesel.
The company disclosed the price adjustment in a
statement, describing the move as part of its commitment to making refined
petroleum products more affordable and supporting economic activities across
the country.
Under the revised pricing structure, the ex-depot
price of petrol has been reduced from ?1,275 per litre to ?1,250 per litre,
while diesel now sells at ?1,700 per litre, down from ?1,800 per litre.
According to the company, the latest reduction
reflects ongoing efforts to improve supply efficiency, strengthen domestic
refining operations, and provide cost relief to consumers and businesses that
depend heavily on fuel for transportation, power generation, and industrial
activities.
The refinery noted that the price review forms part of
a broader strategy aimed at ensuring a stable supply of refined petroleum
products to the Nigerian market while helping to reduce operating costs for
businesses and households.
It further explained that increasing domestic refining
capacity remains central to its long-term vision of enhancing energy security
and reducing the country's dependence on imported fuel products.
Since commencing operations, the
650,000-barrels-per-day facility has gradually expanded its supply of refined
products to the local market, contributing to efforts to strengthen Nigeria’s
self-sufficiency in petroleum refining.
Industry observers believe the latest price reduction
could provide some relief for transport operators, manufacturers, and
consumers, particularly at a time when fuel costs continue to influence the
prices of goods and services across the economy.
The development is also expected to support broader
efforts to improve the availability of petroleum products and stabilize supply
within the domestic market.
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