Dangote Refinery has announced another reduction in the ex-depot prices of petrol and diesel, a move expected to trigger fresh cuts in pump prices at filling stations across Nigeria.

The 700,000-barrel-per-day refinery on Wednesday reduced its gantry price for Premium Motor Spirit (PMS), popularly known as petrol, to N1,165 per litre from N1,215 per litre.

It also slashed the price of Automotive Gas Oil (AGO), or diesel, to N1,570 per litre, down from N1,650 per litre.

The latest review represents a N50 per litre reduction for petrol and an N80 per litre cut for diesel.

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The price adjustment is expected to ease costs for fuel marketers and encourage a downward review of retail pump prices nationwide.

Industry stakeholders have projected that motorists and businesses could benefit from further reductions if international fuel prices and import landing costs continue to decline.

Earlier, the National President of the Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN), Billy Gillis-Harry, said retail fuel prices would continue to fall if the landing cost of petroleum products remained on a downward trend.

The latest price cut is expected to strengthen competition in Nigeria’s downstream petroleum sector and provide some relief to consumers grappling with high energy costs.