The Dangote Petroleum Refinery and Petrochemicals has reduced its gantry price for premium motor spirit (PMS), popularly known as petrol, to ₦1,200 per liter.
According to him, the price adjustment represents a downward review in the refinery’s pricing template.
This comes at a time of heightened uncertainty in the global oil market, driven by geopolitical tensions in the Middle East.
“Dangote Petroleum Refinery & Petrochemicals has reduced its gantry price for petrol to ₦1,200 per liter and its coastal price to ₦1,153 per liter, a move that comes amid ongoing tensions in the Middle East that continue to influence global oil markets.
The price drop reflects a decrease of ₦75 from the previous rate of ₦1,275 per liter.
The refinery had recently increased its petrol price from ₦1,175 per liter to ₦1,245 per liter.
Chiejina maintained that the “price adjustment represents a downward review in the refinery’s ex-depot pricing and is expected to ripple across Nigeria’s downstream sector, potentially easing supply costs for marketers and influencing pump prices at retail outlets.
He added that lower ex-depot prices typically translate into reduced pump prices.”
The spokesman expressed worry that the “Middle East crisis has introduced renewed uncertainty into global oil markets, affecting shipping routes, insurance premiums, and supply chains”.
“For Nigeria, the presence of large-scale local refining capacity is increasingly seen as a stabilizing factor, offering some insulation from external shocks even as global market pressures persist,” he added.
With the new ₦1,200 per liter rate, marketers are expected to recalibrate their landing costs, especially those sourcing locally instead of importing.
Similarly, the coastal price of ₦1,153 per liter is expected to affect marine deliveries to coastal depots, providing an alternative supply route for distributors operating in southern corridors.
Chan/ Tunmise Adesanmi
