Dangote Petroleum Refinery has reduced the gantry price of Premium Motor Spirit (PMS), commonly known as petrol, from N1,275 per litre to N1,250 per litre, representing a two per cent decrease.
The company confirmed the adjustment, attributing it to a decline in global crude oil prices, which serves as its primary feedstock.
“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,” an official of the refinery said.
The official added that further price movements remain possible depending on market conditions.
“We are still monitoring developments and will continue to adjust prices in line with market realities,” he said.
Market checks show that while the refinery has reduced its ex-depot price, many filling stations across the country are yet to reflect the new adjustment, with petrol still selling above N1,350 per litre in several locations.
The company also linked its operations to Nigeria’s improving economic outlook, following a recent sovereign credit rating upgrade by S&P Global Ratings.
S&P had upgraded Nigeria’s long-term foreign and local currency ratings to “B” from “B-”, citing stronger economic growth, improved external balances, rising oil output, and increased domestic refining capacity.
Dangote Refinery noted that its 650,000 barrels-per-day facility was specifically mentioned as a key contributor to Nigeria’s improved balance of payments position and economic resilience.
The refinery said it remains committed to aligning its pricing with global market trends while boosting domestic supply and refining capacity.