The Dangote Petroleum Refinery has announced a reduction in its ex-depot price of Premium Motor Spirit (PMS) from N880 to N840 per litre.
The development was confirmed late Monday by the Group’s spokesperson, Anthony Chiejina, who stated: “PMS price has been reduced from N880 to N840 per litre effective 30th June.”
The price cut comes after a recent increase linked to global crude oil volatility, sparked by the Israel-Iran conflict and compounded by the bombing of three Iranian nuclear facilities allegedly ordered by former U.S. President Donald Trump.
That conflict had driven global oil prices close to $80 per barrel, with analysts projecting it could reach as high as $130, depending on Tehran’s response.
However, following de-escalation and reports of a ceasefire, market expectations of a price review began to build — now realized with this move by Africa’s largest refinery.
Okay.ng reports that the new ex-depot price is expected to influence retail pump prices across the country. Dangote’s key distribution partners, including MRS, Heyden, and AP, are anticipated to adjust their pricing structures in accordance with the updated rate.
