By Ado Oyeyemi
Dangote Refinery has announced another reduction in the ex-depot price of Premium Motor Spirit, popularly known as petrol, lowering its gantry price from N1,175 to N1,125 per litre.
The latest adjustment, confirmed on Thursday by the spokesperson for the Dangote Group, Anthony Chiejina, represents a N50 reduction per litre and marks the refinery’s second price cut within weeks.
Speaking on the development, Chiejina said the new pricing had already taken effect across the refinery’s operations.
“It is true our petrol gantry price was reduced by N50 per litre,” he stated.
The refinery also reviewed its coastal supply price downward, reducing the cost from N1,495,215 per metric tonne to N1,428,165 per metric tonne.
The latest reduction comes amid a decline in global crude oil prices, which have fallen to between $69 and $73 per barrel, returning to levels recorded before tensions in the Middle East disrupted the market.
The adjustment follows an earlier reduction of N75 per litre announced by the refinery on June 16, a move that subsequently triggered lower pump prices across several parts of the country.
With the latest cut, Dangote Refinery has reduced its petrol gantry price by a cumulative N125 per litre within two weeks.
Despite the downward review, retail petrol prices in Abuja and neighbouring areas still range between N1,241 and N1,305 per litre.
Many Nigerians have, however, continued to call for further reductions in pump prices, arguing that the current cost remains significantly higher than the N800 to N900 per litre range recorded before the spike in global oil prices linked to geopolitical tensions earlier in the year.
Industry observers said the extent to which the latest reduction will affect retail pump prices nationwide will depend on marketers’ pricing strategies and distribution costs in the coming days.
