Following the de-escalation of the Middle East tensions, which elevated crude oil prices on the global market, Dangote Petroleum Refinery has cut down the ex-depot price of Premium Motor Spirit (PMS), otherwise known as petrol, by N75 per litre to N1,175 per litre from N1,250 per litre.
This was confirmed in a notice to oil marketers on Monday by the Lagos-based refinery, with a nameplate of 650,000 barrels per day.
Yesterday, the price of Brent crude, which is Nigeria’s crude oil grade, traded at $84 per barrel, after the United States and Iran sealed a ceasefire deal after three months of hostilities.
In the circular to marketers yesterday, Dangote Refinery also disclosed that the coastal price per metric tonne has been slashed to N1,495,215 from N1,595,790.
“Following the de-escalation of tensions in the Middle East, which has impacted energy prices. We wish to inform you that we have reviewed our premium motor spirit gantry/coastal price,” a part of the disclosure revealed.
“Kindly note that all outstanding unloaded gantry volumes will be repriced at the new rate effective 12:00 AM, June 16, 2026.
“We sincerely appreciate your continued patronage and assure you of our unwavering commitment to reliable product supply and excellent service delivery,” it added.