By Abubakar Yunusa
Dangote Petroleum Refinery has reduced the ex-gantry price of premium motor spirit (PMS), also known as petrol, by N50 per litre.
In a notice to customers, the refinery said the ex-depot price has been adjusted downward from N1,175 per litre to N1,125 per litre, while the coastal supply price was reduced from N1,495,215 per metric tonne to N1,428,165 per metric tonne.
The refinery attributed the price reduction to the easing of tensions in the Middle East, which has led to a decline in global energy prices.
The latest adjustment comes barely a week after the refinery reduced its ex-gantry petrol price by N75 per litre to N1,175 from N1,250, citing the de-escalation of geopolitical tensions in the Middle East and the resulting impact on energy markets.
The refinery had increased petrol prices several times earlier in the year amid supply concerns triggered by tensions in the Middle East and disruptions to global oil flows.
In March, the plant raised its ex-gantry price to N1,175 per litre following a sharp increase in crude oil prices linked to the conflict in the region.
The latest reduction is expected to influence depot and retail pump prices across the country as marketers adjust to the new pricing template.
Global oil prices have significantly fallen since the United States and Iran signed a peace agreement in Switzerland that will mark the start of a 60-day negotiation period.
Brent crude, the global oil benchmark, dropped to $72.97 per barrel — lowest since February, when the conflict began.
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