By Ayo Kehinde
The Dangote Refinery has cut the ex-gantry price of Premium Motor Spirit (PMS) by ₦75, bringing it down to ₦1,200 per litre, industry sources confirmed on Wednesday.
The price cut followed weeks after the refinery increased petrol prices to about ₦1,275 per litre, citing volatility in international oil markets that had driven up supply costs.
The reduction comes amid a sharp decline in global crude oil prices.
According to market data, Brent crude futures fell on Wednesday to $95.05 per barrel, a 13 percent decline, while West Texas Intermediate (WTI) crude settled at $97.18 per barrel, down nearly 14 percent.
Analysts link the drop to geopolitical developments in the Middle East, notably a conditional two-week ceasefire agreement between the United States and Iran, which eased fears of supply disruptions.
Fuel marketers and motorists across major Nigerian cities welcomed the move, noting that it could help ease inflationary pressures.
“This is timely for families and businesses struggling with high transportation and operational costs”, a Lagos-based fuel dealer said.
Since commencing operations in 2023, the Dangote Refinery has significantly transformed Nigeria’s energy landscape, with a refining capacity of over 650,000 barrels of crude daily. Its pricing strategies not only affect domestic fuel costs but also have broader implications for the economy, especially in sectors heavily reliant on petroleum products.
