Dangote Petroleum Refinery and Petrochemicals has reduced its gantry price for Premium Motor Spirit (PMS) to N1,200 per litre alongside a coastal price of N1,153 per litre.
The cut in price by the privately-owned refinery comes despite rising crude oil prices driven by ongoing tensions in the Middle East.
The downward adjustment in ex-depot pricing comes at a time when global oil markets are experiencing upward pressure, 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.
The Middle East crisis has introduced renewed uncertainty into global oil markets, affecting shipping routes, insurance premiums, and supply chains.
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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.
