Dangote Petroleum Refinery has reduced its gantry price for Premium Motor Spirit (PMS), commonly known as petrol, by 4.5 per cent, bringing it down from ₦880 to ₦840 per litre.
Industry checks by Vanguard revealed that the reduction reflects a dip in crude oil prices, which have fallen to $67.50 per barrel from over $70 per barrel on the global market.
With Dangote’s cut acting as a trendsetter, other companies followed suit:
MENJ lowered its depot price by 2.27 per cent, now at ₦860 per litre, down from ₦880.
MAO and Mainland dropped their depot prices to ₦860 and ₦890 per litre respectively, from previous prices of ₦910 and ₦900.
In Lagos, Rainoil reduced its depot price to ₦872 per litre, changed from ₦875, while A.Y.M Shafa brought its price down to ₦880, from ₦887, according to petrolprice.ng.
This downward adjustment follows a pattern seen earlier: when Nigeria’s Bonny Light crude fell to $68 per barrel—from over $80—depot owners slashed petrol prices by 5 per cent.
Global oil prices have been volatile lately, primarily due to instability prompted by the Israel‑Iran conflict.
Just recently, crude oil surged toward $90 per barrel, fueled by supply fears related to the ongoing tensions.
