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 prices now range from N875 to N905 per litre, marking a N15 reduction per litre from previous rates.

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

The new pricing structure varies by region across Nigeria. Lagos residents will now pay N875 per litre, while those in the South-South and North-East regions will pay N905 per litre. Other regional prices include N885 for the South-West, and N895 for the North-West and North-Central zones.

"Our quality petrol and diesel are refined for better engine performance and are environmentally friendly," the company stated in its official notice.

This price reduction comes at a time when fuel prices have been a major concern for Nigerians, affecting transportation costs and the general cost of living. The Dangote Refinery, Africa's largest petroleum refining facility, has been working to stabilize fuel supply in the country since commencing operations.

Industry analysts suggest that this move could potentially influence the Nigerian National Petroleum Company Limited (NNPCL) and other players in the petroleum sector to reconsider their pricing strategies, potentially leading to more competitive fuel prices across the board.

The Dangote Refinery had previously clarified that it is not in competition with NNPCL, emphasizing its focus on ensuring steady supply and quality products for Nigerian consumers.