Dangote Refinery has reduced the ex-gantry price of Premium Motor Spirit (PMS) by ₦75 to ₦1,200 per litre, reversing its recent increase, industry sources confirmed on Wednesday.
Gatekeepers News reports that the refinery had earlier raised petrol prices to about ₦1,275 per litre, citing volatility in global oil markets that pushed up supply costs.
The latest adjustment follows a sharp drop in international crude oil prices. Brent crude futures fell to $95.05 per barrel, representing a 13 percent decline, while West Texas Intermediate (WTI) crude settled at $97.18, down nearly 14 percent.
Analysts link the decline to geopolitical developments in the Middle East, particularly a conditional two-week ceasefire agreement between the United States and Iran, which has eased fears of supply disruptions.
Fuel marketers and motorists across major cities have welcomed the price cut, saying it could provide some relief amid persistent inflationary pressures and rising living costs.
Market observers note that the refinery’s decision may also impact pump prices nationwide, especially if the downward trend in crude oil prices continues.
Energy experts say the move highlights Nigeria’s growing sensitivity to global oil market dynamics, despite increased domestic refining capacity.
The Dangote Refinery, which commenced operations in 2023, was expected to reduce the country’s dependence on imported petrol. However, its pricing remains closely tied to global benchmarks such as Brent and WTI crude.
