Nigerians may soon experience lower petrol prices following a reduction in the ex-depot price of Premium Motor Spirit (PMS) by the Dangote Petroleum Refinery.
The refinery announced a ₦50 reduction in its gantry loading price, bringing the cost down from ₦1,175 per litre to ₦1,125 per litre.
According to a notice issued to fuel marketers and customers, the coastal supply price was also adjusted downward from ₦1,495,215 per metric tonne to ₦1,428,165 per metric tonne.
The refinery attributed the latest price cut to the easing of geopolitical tensions in the Middle East, which has led to a decline in global crude oil and energy prices.
International oil prices had previously surged amid hostilities involving the United States, Israel and Iran, raising concerns over global energy supplies. The conflict temporarily disrupted shipping activities through the Strait of Hormuz, a strategic route that handles about 20 per cent of the world’s oil supply.
However, with tensions easing in the region, crude oil prices have retreated significantly from recent highs.
Market data shows that Brent crude has fallen to $73.14 per barrel, while the United States benchmark, West Texas Intermediate (WTI), dropped to $69.85 per barrel.
Industry observers expect the reduction in Dangote Refinery’s ex-depot price to influence retail pump prices across the country in the coming days, offering relief to consumers and businesses grappling with high fuel costs.
Before the spike in global oil prices triggered by the Middle East crisis, petrol sold at filling stations across Nigeria for between ₦770 and ₦800 per litre.
