NEWS
Dangote Refinery Slashes Petrol Price Again as Crude Oil Falls Below $101
The Dangote Petroleum Refinery has reduced its Premium Motor Spirit (PMS) gantry price by ₦25 per litre, in another downward adjustment coming amid a fresh decline in international crude oil prices.
The 700,000-barrel-per-day refinery has lowered its petrol gantry price from ₦1,350 to ₦1,325 per litre, according to a market survey.
The latest reduction represents a ₦25 per litre cut and comes as global crude oil prices recorded a significant decline on Monday.
At the time of reporting, Brent crude had fallen by more than three per cent to about $100.50 per barrel, while West Texas Intermediate (WTI) crude dropped by over three per cent to approximately $92.43 per barrel.
The movement in crude prices is particularly significant for Nigeria’s downstream petroleum market, where the cost of crude remains a major factor influencing the pricing of refined petroleum products.
The latest adjustment by Dangote Refinery could increase pressure on fuel marketers and other refiners to review their own prices, potentially creating room for further reductions in petrol pump prices across the country.
The development comes just weeks after petrol gantry and retail prices moved upward following a sharp rise in international crude prices, which had climbed above the $104 per barrel mark.
With crude oil prices now retreating, attention is increasingly turning to whether the decline will translate into cheaper petrol for motorists and households across Nigeria.
The latest Dangote Refinery adjustment therefore marks another notable movement in the country’s fuel market, with consumers and petroleum marketers watching closely to see how the changing global oil market will affect pump prices in the days ahead.