Dangote Refinery slashes petrol ex-depot price by N50 to N1,125 per litre

DANGOTE Petroleum Refinery has announced another reduction in the ex-gantry price of premium motor spirit (PMS), cutting the cost by N50 per litre as global energy prices continue to soften.

According to a notice issued to customers, the refinery lowered its ex-depot petrol price from N1,175 per litre to N1,125 per litre. It also reduced the coastal supply price from N1,495,215 per metric tonne to N1,428,165 per metric tonne.

The company said the latest adjustment reflects the easing of geopolitical tensions in the Middle East, which has contributed to a decline in international energy prices.

The price cut comes less than a week after the refinery reduced its ex-gantry petrol price by N75 per litre, bringing it down to N1,175 from N1,250. At the time, the refinery also cited improving conditions in the Middle East and the resulting impact on the global oil market.

READ ALSO: Dangote Refinery cuts petrol ex-gantry price to N1,175 per litre

Earlier this year, however, Dangote Refinery raised petrol prices on several occasions as supply concerns intensified due to geopolitical tensions and disruptions to global crude oil flows.

In March, the refinery increased its ex-gantry price to N1,175 per litre after crude oil prices surged in response to escalating conflict in the Middle East.

The latest downward review is expected to filter through the downstream market, with depot operators and fuel marketers likely to adjust their prices in line with the new ex-depot rate.

Global crude oil prices have declined sharply since the United States and Iran reached a peace agreement in Switzerland, paving the way for a 60-day negotiation process aimed at reducing regional tensions.