Dangote Petroleum Refinery has announced a reduction in the ex-depot prices of Premium Motor Spirit (PMS), commonly known as petrol, and Automotive Gas Oil (AGO), also known as diesel.

Under the new pricing, petrol will now sell for ₦1,165 per litre, while diesel has been reduced to ₦1,570 per litre. The revised prices will take effect from Wednesday, August 6.

The latest price adjustment is expected to influence the downstream petroleum market, with marketers and consumers anticipating corresponding changes in pump prices across the country.

Industry observers say the reduction could ease transportation costs and provide modest relief to businesses and households grappling with high fuel prices. However, the extent to which retail prices will fall depends on marketers' pricing decisions and other market dynamics.

The announcement marks another pricing review by the refinery as it continues to expand its supply of refined petroleum products to the Nigerian market.

Further reactions from marketers, transport operators, and regulatory authorities are expected following the implementation of the new prices.