Ɗangote Petroleum Refinery has slashed the ex-gantry price of Premium Motor Spirit (PMS) to ₦1,200 per litre, reversing a recent hike.
The reduction of ₦75 per litre comes after the price was earlier raised to about ₦1,275 per litre due to surging global crude oil costs.
Industry insiders say the new price adjustment mirrors recent shifts in international oil markets. Global crude prices have dropped sharply in the past few days, providing relief to local fuel pricing. Brent crude fell to $95.05 per barrel – a 13 percent decline – while West Texas Intermediate (WTI) crude closed at $97.18 per barrel, nearly 14 percent lower than previous levels.
Analysts credit the steep drop to a conditional two-week ceasefire announcement between the United States and Iran, which has calmed global oil market tensions. The price cut is expected to ease the burden on motorists and transport operators, especially amid the usual volatility in Nigeria’s downstream petroleum sector.
Sources from PetroleumPriceNG also suggest that Automotive Gas Oil (diesel) may soon see a reduction, though official confirmation is pending. Retailers are expected to adjust pump prices as the lower gantry cost works its way through the supply chain.
