Dangote Refinery cuts petrol price by N50
Dangote Refinery
Abdullateef Fowewe
Dangote Petroleum Refinery on Thursday announced a N50 reduction in the ex‑gantry price of premium motor spirit (PMS), bringing the new rate to N1,125 per litre.
In a customer notice, the refinery said the ex‑depot price has been adjusted from N1,175 to N1,125 per litre.
Coastal supply pricing was also lowered, from N1,495,215 per metric tonne to N1,428,165 per metric tonne.
Dangote attributed the downward adjustment to easing tensions in the Middle East, which it said has driven a retreat in global energy prices.
The cut follows a N75 reduction just a week earlier, when the refinery trimmed the ex‑gantry price from N1,250 to N1,175 — also citing the de‑escalation of geopolitical tensions and their effect on oil markets.
The refinery had raised petrol prices several times earlier in the year amid supply concerns linked to regional tensions and disruptions to global oil flows.
The latest move is expected to ripple through depot and pump prices nationwide as marketers revise their margins and pricing templates.
Global crude benchmarks have fallen markedly since the United States and Iran signed a peace agreement in Switzerland, kicking off a 60‑day negotiation period that market participants say reduced supply‑risk premia.
