By Ado Oyeyemi
The Dangote Petroleum Refinery has reduced the gantry price of Premium Motor Spirit, popularly known as petrol, by N25 per litre following a fresh decline in international crude oil prices.
As reported by DAILY POST, the refinery, which has a production capacity of 700,000 barrels per day, reduced its petrol price from N1,350 to N1,325 per litre.
The latest adjustment represents the refinery’s latest reduction in petrol pricing amid movements in the global crude oil market.
The development came as the prices of Brent crude and West Texas Intermediate fell by more than three per cent on Monday.
At the time of the report, Brent crude was trading at about $100.50 per barrel, while WTI stood at approximately $92.43 per barrel.
The decline in crude prices has increased pressure on refiners to review the cost of petroleum products, with the latest adjustment by the Dangote refinery potentially influencing petrol prices across the country.
The latest reduction followed an earlier increase in petrol gantry and pump prices, which occurred as international crude prices climbed above $104 per barrel in the preceding two weeks.
The movement in crude oil prices remains a major factor in the pricing of refined petroleum products, including petrol, as refiners adjust their prices in response to changes in the international market.
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The latest Dangote refinery price cut is therefore expected to have implications for petrol marketers and consumers as the downstream petroleum market responds to the changing global crude oil price.
Source: DAILY POST
