Dangote Refinery has reduced the ex-depot prices of Premium Motor Spirit (PMS), commonly known as petrol, and Automotive Gas Oil (AGO), or diesel, across Nigeria.

The 700,000-barrel-per-day refinery announced on Wednesday that its petrol gantry price had been reduced to N1,165 per litre, down from N1,215 per litre, while diesel was lowered to N1,570 per litre from N1,650 per litre.

The latest adjustment represents a N50 per litre reduction in petrol and an N80 per litre cut in diesel prices.

The refinery’s price review is expected to put further downward pressure on retail fuel prices across the country as marketers adjust their pump prices.

Industry analysts have said the reduction could provide some relief for consumers and businesses facing high transportation and energy costs.

The National President of the Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN), Billy Gillis-Harry, recently said petroleum product prices would continue to decline if fuel landing costs maintain their downward trend.