Dangote Refinery Slashes Petrol Price to ₦1,200 After Brief Hike
The Dangote Petroleum Refinery has reduced the ex-gantry price of Premium Motor Spirit (PMS) to ₦1,200 per litre, just hours after increasing it to about ₦1,275 per litre.
The latest adjustment represents a ₦75 reduction and reflects changes in the global oil market, where crude prices have recently declined.
According to market data, Brent crude dropped to $95.05 per barrel, marking a 13 percent decrease, while West Texas Intermediate (WTI) fell to $97.18 per barrel, down by nearly 14 percent. Analysts say this sharp decline has eased pressure on refined petroleum product prices worldwide.
Industry experts link the drop in crude prices to geopolitical developments, particularly the announcement by Donald Trump of a conditional two-week ceasefire with Iran, which has helped calm tensions in the Middle East.
Sources also suggest that the price of Automotive Gas Oil (diesel) may soon be reviewed downward, although no official confirmation has been issued yet. Retailers are expected to adjust pump prices in line with the new gantry rate as the changes filter through the supply chain.
The reduction comes as a welcome relief for motorists and transport operators, who have been grappling with rising fuel costs amid ongoing volatility in Nigeria’s downstream petroleum sector.
