The Dangote Refinery has announced a fresh reduction in the ex-gantry price of Premium Motor Spirit (PMS), popularly known as petrol.
The refinery announced ₦75, price reduction, slashing the per-litre cost of petrol to ₦1,200.
Recall that two days ago, the Dangote Refinery management changed the ex-depot price of petrol from 1,350 to 1,275.
According to Dangote, the last price adjustment, which raised the price of petrol by 75, is nullified by the latest pronouncement.
The reversal reduces downstream marketers’ immediate worries by restoring the previous pricing structure at the loading gantry.
Since traders had already started repositioning in anticipation of a higher price regime, industry operators say this activity has helped ease market fears.
The most recent price cut came just hours after reports emerged that the refinery had increased petrol prices by 75 due to global crude oil price fluctuations.
BACKSTORY…
Meanwhile, this comes shortly after the Dangote Refinery raised the gantry price of fuel and diesel on April 7, putting more strain on Nigerian consumers and companies.
Dangote changed its pricing in reaction to current global benchmarks for crude oil and market conditions, according to a senior refinery official who confirmed the development to our correspondent on Tuesday night.
According to the new price structure, diesel increased by N200 per litre to N1,950, while petrol increased by N75 per litre to N1,275, or roughly 5.02 percent.
However, by April 8, the narrative shifted completely. The refinery management confirmed that the hike had been reversed, returning the gantry price to N1,200 per litre and the coastal price to N1,153 per litre, effectively cancelling out the earlier increase within a single business cycle.
While the volatility can be jarring, the fact that prices can come down just as quickly as they go up suggests a more transparent, market-driven future for our energy sector.
Join Our Social Media Channels:
WhatsApp: NaijaEyes
Facebook: NaijaEyes
Twitter: NaijaEyes
Instagram: NaijaEyes
TikTok: NaijaEyes
