Dangote Petroleum Refinery has announced a significant reduction in the ex-depot price of Premium Motor Spirit (PMS), commonly known as petrol, from N835 to N825 per litre.

The new pricing, effective immediately, comes as a relief amid Nigeria’s ongoing efforts to stabilise fuel supply and reduce dependence on imported petroleum products.

Industry analysts suggest the reduction could lead to lower pump prices across the country if marketers pass on the savings to consumers.

Sources confirmed on Monday that the refinery has reduced its price to N825 per litre for its customers, through a rebate of N10 after successful loading of products at the refinery.

The sources said marketers are still paying N835 per litre for products but receive a N10 refund after loading and evacuating them from the refinery.

The covert price adjustment has allowed its customers and marketers to retail the product at a lower band of N830 to N835, outpricing importing marketers and private depot owners.