The Dangote Petroleum Refinery has announced a significant reduction in the pump price of Premium Motor Spirit (PMS), commonly known as petrol, across Nigeria. The new price structure, which represents a N15 reduction per litre, now ranges from N875 to N905 depending on the region.

According to an official announcement made via the refinery's social media platforms on Thursday, the price reduction applies to all major fuel marketers in partnership with the refinery, including MRS, Ardova, Heyden, Optima Energy, Techno Oil, and Hyde Energy.

The revised regional pricing structure shows Lagos residents will now pay N875 per litre, while those in the South-West will pay N885. Consumers in the North-West and North-Central regions will purchase petrol at N895 per litre, while those in the South-South, South-East, and North-East regions will pay N905 per litre.

In its announcement, Africa's largest refinery emphasized the quality of its products, stating: "Our quality petrol and diesel are refined for better engine performance and are environmentally friendly."

This price reduction comes at a time when Nigerians have been grappling with high fuel costs following the removal of fuel subsidies. The Dangote Refinery, which began operations earlier this year, has been gradually increasing its production capacity and distribution network across the country.

Industry analysts suggest this move could potentially influence the Nigerian National Petroleum Company Limited (NNPCL) and other importers to reconsider their pricing strategies, potentially triggering a broader reduction in fuel prices nationwide.

The Dangote Refinery, owned by Africa's richest man Aliko Dangote, has a production capacity of 650,000 barrels per day and aims to make Nigeria self-sufficient in refined petroleum products while also exporting to other African countries.