The Dangote Refinery has reduced the ex-gantry price of Premium Motor Spirit (PMS) by N75, bringing it down to N1,200 per litre, according to industry sources on Wednesday.
The latest adjustment follows a recent price increase to approximately N1,275 per litre, which the refinery attributed to volatility in the global oil market and rising production and supply costs.
The price cut is linked to a notable decline in international crude oil prices. Brent crude futures dropped to $95.05 per barrel, marking a 13 per cent decrease, while West Texas Intermediate (WTI) crude fell by nearly 14 per cent to close at $97.18.
Since commencing operations in 2023, the Dangote Refinery has been expected to reduce Nigeria’s reliance on imported fuel. However, its pricing continues to reflect movements in global oil benchmarks such as Brent and WTI crude futures.
