By Our Reporter
The Dangote Petroleum Refinery has reduced its ex-depot price of Premium Motor Spirit (PMS), popularly known as petrol, by N25 per litre, lowering the gantry price from N1,275 to N1,250 per litre.
A senior official of the Dangote Group confirmed the development on Saturday, attributing the price adjustment to the recent decline in crude oil prices on the international market.
According to the official, the refinery reviewed its pricing structure in response to changing global market conditions, while noting that volatility in the oil market remains a key concern.
“We have reduced the petrol price to N1,250 at our gantry. This has to do with the current reduction in global oil prices, though everything is still volatile and requires caution,” the source said.
The latest reduction comes amid increasing competition among petroleum depots and marketers, with several operators already selling below Dangote Refinery’s previous gantry price.
Industry pricing data showed that Aiteo and NIPCO were selling petrol at N1,272 per litre, while Integrated Energy, Ascon and African Terminal were offering the product at about N1,274 per litre before the refinery’s latest adjustment.
The development is expected to impact pricing across the downstream petroleum sector, particularly for marketers sourcing products directly from the refinery.
The reduction may also provide some relief to consumers and businesses that have faced rising fuel costs in recent months following increases in global crude oil prices.
Petrol pump prices had climbed significantly across the country, rising from about N830 per litre to nearly N1,300 per litre in many locations. Diesel and aviation fuel prices also recorded substantial increases during the same period, putting additional pressure on transportation costs and business operations.
Industry stakeholders are expected to monitor how the latest price adjustment influences retail pump prices and overall market dynamics in the coming days.
