Marketers expressed excitement yesterday following the reduction in ex-depot price of Premium Motor Spirit (PMS) also known as petroleum by Dangote Petroleum Refinery & Petrochemicals.

The refinery slashed the price of Premium Motor Spirit (PMS), or petrol, for the second time this month, cutting N65 off the previous price of N890, bringing it down to N825 per litre at the gantry (ex-depot).

It would be recalled that Dangote had reduced the PMS price by N60 on February 1.

The ex-depot price has thus decreased from N950 per litre in January to the current price of N825 per litre, representing a reduction of N125 per litre within 26 days.

This recent price reduction will also ensure that Nigerians pay between N860 and N865 per litre for petrol at the pump in Lagos.

Daily Trust reports that filling stations in Lagos currently sell between N925 and N970.

Dangote in a statement announced that the price adjustment will take effect from Thursday, February 27.

According to it, it was intended to provide essential relief to Nigerians in celebration of the Ramadan season, while also supporting President Bola Ahmed Tinubu’s economic recovery policy by alleviating the financial burden on the Nigerian populace.”

Dangote noted that the product will  be available at the following prices in AP (Ardova Petroleum) and Heyden stations: N865 per litre in Lagos, N875 per litre in the South-West, N885 per litre in the North, and N895 per litre in the South-South and South-East.

The refinery further confirmed it holds over 500 million litres of petrol in storage, enough to meet Nigeria’s petrol demand for several days.

Speaking with our correspondent, Executive Secretary of Major Energies Marketers’ Association of Nigeria (MOMAN), Mr. Clem Isong described the reduction as a welcome development, saying marketers should take advantage of it.

Also speaking, an executive of the Independent Petroleum Marketers’ Association of Nigeria (IPMAN), Alhaji Olanrewaju Okanlawon welcomed the reduction by Dangote, expressing optimism that it would further reduce PMS price nationwide.