Dangote Petroleum Refinery has reduced its ex-depot price of Premium Motor Spirit (PMS) by N75 per litre, citing improved conditions in the global oil market following a slowdown in geopolitical tensions in the Middle East.
In a notice issued to fuel marketers on Monday, the refinery announced that the revised gantry price now stands at N1,175 per litre, down from N1,250. The coastal price per metric tonne was also adjusted downward to N1,495,215 from N1,595,790.
The company explained that the pricing review was driven by the recent de-escalation of hostilities in the Middle East, which had previously contributed to elevated energy costs over the past three months.
The new pricing structure takes effect from midnight on June 16, with all pending, undelivered gantry volumes to be recalculated at the updated rate.
Industry data indicates that the refinery’s pricing now positions it as one of the most competitive suppliers in the domestic market, with retail marketers previously selling petrol sourced from the facility at around N1,240 per litre.
The adjustment comes as global crude prices begin to decline following renewed diplomatic engagements between the United States and Iran, including discussions around reopening the Strait of Hormuz, a critical oil transit route.
Analysts say the reduction could signal further relief for consumers if the downward trend in crude prices persists, although existing inventories purchased at higher rates may delay immediate retail price adjustments.
