Dangote Petroleum Refinery & Petrochemicals has announced a reduction in its gantry price for Premium Motor Spirit (PMS) to ₦1,200 per litre, alongside a coastal price of ₦1,153 per litre.
The refining company stated that it reduced the gantry price of PMS, otherwise known as petrol, despite rising crude oil prices, driven by ongoing tensions in the Middle East.
Dangote Petroleum Refinery further stated in a release that the downward adjustment in ex-depot pricing came at a time when global oil markets were experiencing upward pressure.
The upward pressure, it added was in addition with geopolitical instability continuing to impact supply chains, freight costs, and benchmark crude prices.
“The price adjustment represents a downward review in the refinery’s ex-depot pricing and is expected to ripple across Nigeria’s downstream sector, potentially easing supply costs for marketers and influencing pump prices at retail outlets.
“Lower ex-depot prices typically translate into reduced pump prices,” it was stated in the release.
The Middle East crisis has introduced renewed uncertainty into global oil markets, affecting shipping routes, insurance premiums, and supply chains.
For Nigeria, the presence of large-scale local refining capacity is increasingly seen as a stabilising factor, offering some insulation from external shocks even as global market pressures persist.
