Lagos, Nigeria – Dangote Petroleum Refinery & Petrochemicals has reduced its gantry price for Premium Motor Spirit (PMS) to N1,200 per litre, alongside a coastal price of N1,153 per litre, in a move that could ease fuel costs across Nigeria despite rising global crude oil prices.
Okay News reports that the latest adjustment comes at a time when international oil markets are under pressure due to escalating tensions in the Middle East, which have disrupted supply chains and increased shipping and insurance costs.
The refinery’s downward review of its ex-depot pricing is expected to have a direct impact on Nigeria’s downstream sector, as marketers source fuel at lower rates. Analysts say such reductions typically translate into lower pump prices for consumers, although the extent of the drop will depend on distribution and retail dynamics.
The decision stands in contrast to current global trends, where crude oil prices have been climbing due to geopolitical instability. The ongoing crisis in the Middle East has introduced uncertainty into key oil routes, affecting freight costs and overall supply conditions.
Despite these pressures, the presence of domestic refining capacity is beginning to play a stabilising role in Nigeria’s energy market.
