In a sudden but welcome move for motorists, the Dangote Petroleum Refinery & Petrochemicals has reduced the ex-gantry price of Premium Motor Spirit (PMS) to N1,200 per litre, reversing a recent hike amid falling international crude oil prices.
The adjustment represents a N75 drop from the previous N1,275 per litre, which had been introduced just days earlier in response to rising crude costs and supply concerns in the global market.
A senior refinery official, speaking on condition of anonymity, PUNCH on Wednesday that the price reversal reflects recent shifts in global crude benchmarks.
“The revision aligns with current international market trends. Recent geopolitical developments in the Middle East, including a conditional ceasefire announcement, have eased fears of supply disruption,” the official explained.
Brent crude, the global oil benchmark, fell by 13.28 per cent to $94.76 per barrel, while US West Texas Intermediate crude dropped by 14.72 per cent to $96.31 per barrel following the announcement of a temporary two-week ceasefire arrangement between the United States and Iran.
“Yes, the petrol price has been reversed to N1,200 per litre in line with the current crude oil prices,” the official added.
Confirming the development, Dangote Refinery issued a statement clarifying that there had been no fresh increase in PMS prices despite market speculation. The company also noted that the coastal price stands at N1,153 per litre.
“We are maintaining our existing pricing structure and have not introduced any new price adjustments for our customers,” the statement read. The refinery reaffirmed its commitment to sustaining a steady fuel supply across domestic and regional markets.
The move underscores the growing sensitivity of Nigeria’s downstream petroleum sector to global oil market dynamics, particularly after the deregulation of the sector.
Since commencing operations in September 2024, the Dangote Refinery has rapidly emerged as a key driver of domestic fuel pricing and supply stability.