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The Dangote Petroleum Refinery has reduced the ex-depot price of Premium Motor Spirit (PMS), commonly known as petrol, from N1,275 to N1,250 per litre.
The latest adjustment represents a reduction of N25 per litre and comes amid a sustained decline in crude oil prices in the international market.
The move is expected to provide some relief to marketers and could eventually influence pump prices across parts of the country if the reduction is passed on to consumers.
Officials familiar with the development said the refinery reviewed its pricing structure in response to changing market conditions. The reduction reflects the lower cost of crude oil, which remains the primary raw material used in refining petrol.
According to a refinery official, the price adjustment is consistent with the realities of a deregulated petroleum market where product prices are expected to respond to fluctuations in global oil prices.
“It is true that we have adjusted the gantry price of petrol due to the reduction in crude oil prices, which is our major feedstock. In a deregulated market, such adjustments should be expected,” the official said.
He added: “We are still monitoring developments and will continue to adjust prices in line with market realities.”
Despite the reduction at the refinery gate, checks indicate that retail prices have remained largely unchanged in many parts of the country. Several filling stations are still dispensing petrol at prices above N1,350 per litre, with rates varying depending on location, transportation costs and individual marketers.
Industry observers say the
