Dangote Petroleum Refinery says it has reduced the old-gantry price of its premium motor spirit, or fuel, to N774 per litre.

According to a statement issued on Tuesday, the refinery decreased the ex-gantry charge by N25 per litre, from N799 per litre.

The refinery stated that it has conveyed the price modification to marketers, “confirming that the new rate takes immediate effect nationwide.” ”.

“This is to notify you of a change in our PMS gantry price from N799 per litre to N774 per litre,” Dangote refinery said.

“The adjustment further strengthens the competitiveness of locally refined products, as the current landing price of imported PMS from Lome stands at about N793 per litre, compared to Dangote Refinery’s ex depot price of N774 per litre.”

On February 5, Dangote Refinery stated that its reliance on coastal logistics may drive petrol pump prices to N1,000 per litre.

The refinery stated that consumers are allowed to choose their preferred route of evacuation, but warned that coastal logistics might add an additional annual cost of approximately N1.75 trillion.