The Dangote Petroleum Refinery has reduced its ex-depot price of Premium Motor Spirit (PMS), commonly known as petrol, by N25 per litre, bringing the price down from N1,275 to N1,250 per litre.
A senior official of the company disclosed that the adjustment was influenced by the recent decline in crude oil prices on the international market, noting that while the reduction reflects current market realities, global oil prices remain unpredictable.
The latest price cut comes amid ongoing fluctuations in the downstream petroleum sector, where depot prices have continued to respond to changing market conditions.
Industry data showed that some major depots, including Aiteo and NIPCO, had been selling petrol at N1,272 per litre, while Integrated Energy, Ascon, and African Terminal were offering the product at about N1,274 per litre before the refinery’s latest adjustment.
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Market observers believe the reduction could trigger further price reviews by petroleum marketers sourcing products from the refinery and may provide some relief to consumers.
Petrol prices have witnessed significant increases in recent months, rising from around N830 per litre to as high as N1,300 per litre in several parts of the country.
Diesel and aviation fuel prices have also recorded notable increases, placing additional pressure on businesses and transportation costs nationwide.