Dangote Petroleum Refinery and Petrochemicals has reduced its gantry price for premium motor spirit (PMS), also known as petrol, to ₦1,200 per litre.
The development was disclosed in a statement on Friday by the spokesman of the Dangote Group, Anthony Chiejina, who said the refinery also pegged its coastal price at ₦1,153 per litre.
According to him, the adjustment represents a downward review in the refinery’s pricing structure and is expected to impact fuel supply costs across Nigeria’s downstream distribution chain.
Chiejina explained that the price cut comes amid heightened uncertainty in the global oil market, largely driven by geopolitical tensions in the Middle East, which continue to influence supply dynamics, shipping routes, and insurance costs.
He noted that the reduction marks a ₦75 drop from the previous gantry price of ₦1,275 per litre. The refinery had earlier increased its price from ₦1,175 to ₦1,245 per litre before the latest adjustment.
The spokesperson added that the revised ex-depot price is likely to ripple across the downstream sector, potentially easing supply costs for marketers and influencing pump prices at retail outlets, as lower ex-depot rates typically translate into reduced retail prices.
He further expressed concern over the impact of the Middle East crisis on global oil markets, noting that the disruptions have affected supply chains and introduced volatility.
Chiejina, however, поted that Nigeria’s growing local refining capacity, particularly with the Dangote refinery, is increasingly serving as a stabilising factor, offering some level of insulation from external shocks.
With the new pricing, marketers are expected to adjust their landing costs, especially those sourcing products locally rather than through imports. The coastal price of ₦1,153 per litre is also projected to influence marine deliveries to depots, providing an alternative supply route for distributors operating in southern parts of the country.
