Dangote Refinery has reduced the price of Premium Motor Spirit (PMS) at its gantry from N1,350 to N1,325 per litre as crude oil prices continued to decline on Monday.
A market survey by DAILY POST showed that the 700,000-barrel-per-day refinery cut the petrol price by N25 per litre.
The latest adjustment marks the mega refinery’s most recent reduction in petrol prices.
At the time of publication, Brent crude and West Texas Intermediate (WTI) had fallen by more than 3% to $100.50 and $92.43 per barrel, respectively.
Nationwide retail petrol prices are expected to drop following the recent fuel price adjustment.
According to sources, falling crude oil prices have put increased pressure on refiners and local operators to lower gasoline costs.
This development follows a two-week period during which gantry and pump prices surged after crude oil benchmark prices surpassed $104 per barrel.
This comes shortly after the refinery previously increased the gantry prIce for Premium motor spirit (PMS)
Backstory…
The latest reduction in petrol prices by the Dangote Petroleum Refinery comes after a turbulent few weeks in Nigeria’s downstream oil market, during which motorists faced several successive increases linked to the rise in international crude oil prices.
The refinery had increased its petrol gantry price four times between August 21 and September 12, taking it from ₦1,165 to ₦1,350 per litre. The final increase of ₦85 took effect on September 12 as Brent crude traded at around $104 per barrel amid supply disruptions linked to the Middle East conflict.
The increases quickly filtered through to filling stations. Petrol reached around ₦1,395 per litre at some outlets, while prices in several parts of the country subsequently climbed to between ₦1,400 and ₦1,500. The development placed fresh pressure on transporters, households and businesses already dealing with high operating costs.
