Dangote Petroleum Refinery & Petrochemicals has reduced its ex-depot (gantry) price of Premium Motor Spirit (PMS), commonly known as petrol, to ₦1,200 per litre, even as global crude oil prices continue to rise.
The refinery also announced a coastal price of ₦1,153 per litre, signaling a downward review in its pricing structure despite mounting pressure in the international oil market.
The adjustment comes at a time when crude oil prices are trending upward, driven largely by geopolitical tensions in the Middle East, which have disrupted supply chains, increased freight costs, and heightened uncertainty across global energy markets.
Industry observers say the reduction in ex-depot prices could have a positive impact on Nigeria’s downstream petroleum sector, as it is expected to lower supply costs for marketers and potentially lead to a decline in retail pump prices.
Analysts note that changes in ex-depot pricing typically influence pump prices across filling stations, offering some relief to consumers when reductions occur.
Despite the ongoing volatility in global oil markets, stakeholders point to Nigeria’s growing domestic refining capacity as a key stabilising factor. The operation of large-scale facilities such as the Dangote Refinery is increasingly helping to cushion the impact of external shocks on the local fuel market.
Experts, however, caution that continued instability in the Middle East could sustain upward pressure on crude prices, with potential implications for domestic fuel pricing in the near term.
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