Dangote Petroleum Refinery has reduced the ex-gantry price of premium motor spirit (PMS), commonly known as petrol, by ₦50 per litre, lowering the rate from ₦1,175 to ₦1,125 per litre.
Gatekeepers News reports that the latest adjustment is expected to ease pressure on fuel marketers and could lead to lower pump prices across parts of the country.
The price cut follows an earlier reduction by the refinery in June, when it lowered its ex-gantry price from ₦1,250 to ₦1,175 per litre after a decline in global crude oil prices linked to easing tensions in the Middle East.
Industry observers say the fresh reduction reflects continued changes in international oil market conditions and efforts to keep domestic fuel prices competitive.
The adjustment is expected to have a ripple effect across the downstream petroleum sector, with independent marketers likely to review their retail prices once existing stock purchased at higher rates is exhausted. Previous refinery price cuts prompted expectations of reductions in filling station prices nationwide.
Market analysts note that petrol prices at filling stations may not fall immediately, as retailers often sell off older inventories before reflecting new depot prices. However, consumers could begin to see gradual reductions if the lower ex-gantry rate is sustained and crude oil prices remain stable.
