Dangote Petroleum Refinery & Petrochemicals has reduced the ex-gantry price of Premium Motor Spirit (PMS) to N1,200 per litre, reversing a previous increase, after a sharp decline in global crude oil prices triggered by geopolitical developments.
The latest adjustment represents a N75 drop from the previous N1,275 per litre, which the refinery had implemented earlier in response to rising international oil prices and supply concerns.
A top refinery official, speaking on condition of anonymity on Tuesday night, confirmed that the pricing review was driven by prevailing international crude oil benchmarks and market realities.
“The adjustment is in line with global market trends. You are aware of the ongoing tensions in the Middle East and their impact on crude oil prices. These are external factors that directly influence refined product pricing,” the official said.
Earlier, the refinery had increased petrol by N75 to N1,275 per litre, and diesel by N200 to N1,950 per litre, reflecting global market pressures. However, the refinery reversed the petrol price increase on Wednesday following a significant drop in crude oil prices after former US President Donald Trump announced a conditional two-week ceasefire arrangement with Iran, easing fears of supply disruptions.
Brent crude fell 13.28 per cent to $94.76 per barrel, while US West Texas Intermediate dropped 14.72 per cent to $96.31 per barrel.
“Yes, the price has been reversed. This follows the current price of crude oil,” the official said in a telephone interview.
The refinery later issued a statement confirming that there had been no further increase in petrol prices, stressing that the gantry price remains at N1,200 per litre and the coastal price at N1,153 per litre.
The statement also emphasized the company’s commitment to maintaining a steady fuel supply across domestic and regional markets.
The development highlights the continued volatility in Nigeria’s downstream petroleum sector, influenced by global oil market swings, foreign exchange fluctuations, and supply chain dynamics. Since commencing operations in September 2024, the Dangote Refinery has emerged as a dominant force in the domestic fuel market, closely aligning Nigeria’s fuel pricing with international market movements following downstream deregulation.
