The price of Premium Motor Spirit (PMS), also known as petrol, is set to reduce, but it will not be a significant change. Nigerians currently pay between N1,100 to N1,300 per litre for fuel at filling stations across the country.

According to the Nation report, ongoing discussions between the Independent Petroleum Marketers Association of Nigeria (IPMAN) and the Dangote refinery will likely bring about an N36 per litre fuel price reduction.

The report noted that Dangote Petrol is benchmarked against the international market, with little to celebrate.

The source, who wasn't named, said: "The price is based on international pricing. I don’t know why you people think IPMAN is going to get the PMS below international cost price.

"If anything will be removed, it will be N36/litre, which is NNPCL’s financing cost for their letter of credit and profit margin."