The Dangote Petroleum Refinery & Petrochemicals has reduced the ex-gantry price of Premium Motor Spirit (petrol) to N1,200 per litre, reversing its earlier price increase following a drop in global crude oil prices.
The new price reflects a N75 reduction from the previous N1,275 per litre, which had earlier been introduced amid rising international oil prices and concerns over supply disruptions.
The refinery said the latest adjustment was made in response to changes in the global oil market and current pricing realities.
According to the company, petrol prices had previously been reviewed upward due to tensions in the Middle East, which pushed crude oil prices higher and affected the cost of refined petroleum products.
However, the refinery has now reversed that increase after global crude prices declined sharply following signs of easing geopolitical tensions.
The drop in crude oil prices came after diplomatic developments involving the United States, Iran, and Israel, which helped calm fears of possible disruptions to global oil supply, especially around the Strait of Hormuz.
As a result, Brent crude fell to $94.76 per barrel, while US West Texas Intermediate dropped to $96.31 per barrel.
The refinery confirmed that there had been no fresh increase in petrol prices, contrary to speculation in some quarters, stressing instead that its current pricing has been adjusted downward.
It also stated that its gantry price remains N1,200 per litre, while the coastal price stands at N1,153 per litre.
The company added that it remains committed to maintaining a steady supply of petroleum products to both the domestic and regional markets.
The latest adjustment comes at a time when Nigeria’s downstream petroleum sector continues to face pressure from global oil price fluctuations, foreign exchange instability, and broader supply chain challenges.
Since commencing operations in September 2024, the Dangote refinery has continued to play a major role in shaping fuel supply and pricing across the country.
Its latest pricing move further highlights how Nigeria’s fuel market is becoming increasingly tied to developments in the international oil market following the deregulation of the downstream sector.
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