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| File picture of Dangote and Refinery |
Dangote Petroleum Refinery & Petrochemicals has lowered the ex-gantry price of Premium Motor Spirit to N1,200 per litre, reversing its earlier increase.
The latest review reflects a N75 drop from the previous price of about N1,275 per litre, which had been introduced amid rising global oil prices.
A top official of the refinery, who spoke on condition of anonymity, said the earlier hike was influenced by developments in the international oil market and supply uncertainties.
The source explained that fluctuations in crude oil prices, largely driven by geopolitical factors, continue to impact the cost of refined products.
However, the official confirmed on Wednesday that the refinery had adjusted its pricing downward following a recent fall in crude oil benchmarks.
The decline was linked to easing tensions in the Middle East after Donald Trump announced a conditional two-week ceasefire arrangement involving Iran.
The development helped calm fears of supply disruption, leading to a sharp drop in global crude prices, including Brent and US West Texas Intermediate.
The refinery, in a statement, dismissed speculations of further price increases, maintaining that its gantry price remains at N1,200 per litre, with the coastal price at N1,153.
It reiterated its commitment to stable pricing and steady fuel supply across local and regional markets.
The adjustment highlights the continued influence of global oil price movements on Nigeria’s downstream sector following deregulation.
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