Dangote Petroleum Refinery has announced another reduction in the ex-gantry price of Premium Motor Spirit (PMS), cutting the price by ₦50 per litre.
According to a notice issued to customers, the refinery reduced its ex-depot price from ₦1,175 to ₦1,125 per litre, while the coastal supply price also recorded a significant drop.
The company attributed the latest price cut to easing tensions in the Middle East, which have contributed to a decline in global crude oil and energy prices.
The refinery said the reduction followed improved conditions in the global energy market after geopolitical tensions eased.
The latest adjustment comes just days after Dangote Refinery reduced its ex-gantry petrol price by ₦75 per litre, lowering it from ₦1,250 to ₦1,175.
Earlier this year, the refinery had increased petrol prices several times due to rising crude oil prices and supply concerns caused by the Middle East conflict.
The new pricing is expected to influence depot and retail pump prices across Nigeria as marketers adjust to the revised rates.
Meanwhile, global oil prices have continued to decline following a peace agreement between the United States and Iran, which paved the way for a 60-day negotiation period.
Brent crude also dropped to its lowest level since February, reflecting improved market conditions.
Source: Dangote Petroleum Refinery
