Dangote Petroleum Refinery has reduced its ex-depot (gantry) price of Premium Motor Spirit (PMS), commonly known as petrol, from N1,175 per litre to N1,075 per litre.
The N100 reduction comes after a recent decline in international crude oil prices, which had surged following disruptions linked to tensions in the Middle East and concerns over shipping activities through the Strait of Hormuz, one of the world’s most important oil transit routes.
9News Nigeria reports, attributes the price adjustment to improving market conditions and renewed optimism over global oil supply following reports that shipping activities through the Strait of Hormuz were resuming.
The refinery communicated the new price to marketers and depot operators, indicating that the revised rate takes immediate effect.
The adjustment is expected to influence fuel prices across the downstream sector as marketers review their retail pump prices in line with the reduction.
The latest development follows a series of price adjustments by the refinery in recent weeks, driven largely by fluctuations in global crude oil prices.
Dangote Refinery had earlier increased its gantry price to N1,175 per litre as geopolitical tensions pushed oil prices higher.
The reduction could ease pressure on transportation and logistics costs if marketers pass the savings on to consumers.
However, pump prices at filling stations may vary depending on distribution costs, regulatory charges, and marketers’ margins.
The Dangote Refinery, Africa’s largest single-train refinery, remains a major player in Nigeria’s petroleum products market.
