Nigeria’s fuel market may see some relief following a fresh reduction in the ex-depot prices of petrol and diesel by the Dangote Refinery.

The refinery announced that the price of Premium Motor Spirit (PMS), commonly known as petrol, has been lowered from N1,275 to N1,250 per litre. Diesel, also known as Automotive Gas Oil (AGO), was also reduced from N1,800 to N1,700 per litre.

A spokesperson for the Dangote Group, Anthony Chiejina, confirmed the adjustment, noting that the latest review reflects changes in market conditions.

The price cuts represent a N25 reduction on petrol and a N100 reduction on diesel at the refinery’s loading gantry.

Industry observers expect the development to influence pump prices across the country, where petrol currently sells for between N1,350 and N1,370 per litre in many locations, while diesel remains above N2,000 per litre.

The latest adjustment comes as international crude oil prices continue to soften. Brent crude recently traded around $91 per barrel, while West Texas Intermediate crude hovered near $87 per barrel, easing pressure on refining costs.

The 650,000-barrel-per-day Dangote Refinery, one of Africa’s largest refining facilities, has continued to review its pricing strategy in response to movements in the global oil market.

Market analysts say the reduction could provide some relief for consumers and businesses facing high transportation and energy costs, particularly if marketers pass on the lower prices to end users.