The Dangote Petroleum Refinery and Petrochemicals has reduced its gantry price for premium motor spirit (PMS), popularly known as petrol, to ₦1,200 per litre.
Disclosing this in a statement sighted by Channels Television on Friday, the spokesperson for the Dangote Group, Anthony Chiejina, said the refinery pegged its coastal price at ₦1,153 per litre, a development expected to reshape fuel supply costs across Nigeria’s downstream distribution chain.
According to him, the price adjustment represents a downward review in the refinery’s pricing template.
This comes at a time of heightened uncertainty in the global oil market, driven by geopolitical tensions in the Middle East.
“Dangote Petroleum Refinery & Petrochemicals has reduced its gantry price for petrol to ₦1,200 per litre and its coastal price to ₦1,153 per litre, a move that comes amid ongoing tensions in the Middle East that continue to influence global oil markets.
“The adjustment marks a downward review in the refinery’s pricing structure and is expected to influence fuel supply costs across distribution channels, including depots and retail outlets,” Chiejina stated.
The price drop reflects a decrease of ₦75 from the previous rate of ₦1,275 per litre.
The refinery had recently increased its petrol price from ₦1,175 per litre to ₦1,245 per litre.
Chiejina maintained that the “price adjustment represents a downward review in the refinery’s ex-depot pricing and is expected to ripple across Nigeria’s downstream sector, potentially easing supply costs for marketers and influencing pump prices at retail outlets.
He added that lower ex-depot prices typically translate into reduced pump prices.”
The spokesman expressed worry that the “Middle East crisis has introduced renewed uncertainty into global oil markets, affecting shipping routes, insurance premiums, and supply chains”.
“For Nigeria, the presence of large-scale local refining capacity is increasingly seen as a stabilising factor, offering some insulation from external shocks even as global market pressures persist,” he added.
With the new ₦1,200 per litre rate, marketers are expected to recalibrate their landing costs, especially those sourcing locally instead of importing.
Similarly, the coastal price of ₦1,153 per litre is expected to affect marine deliveries to coastal depots, providing an alternative supply route for distributors operating in southern corridors.