Dangote Refinery cuts petrol price

Dangote Petroleum Refinery has reduced its Premium Motor Spirit gantry price by N25 per litre — from N1,350 to N1,325 — as global crude oil prices fell sharply on Monday, in a move expected to trigger corresponding pump price reductions at filling stations nationwide, according to a market survey by DAILY POST.

The price adjustment came as Brent crude fell over 3 per cent to $100.50 per barrel and West Texas Intermediate dropped to $92.43 per barrel at the time of reporting — a significant decline from the recent peak above $104 per barrel that had driven gantry and pump prices sharply higher over the preceding two weeks.

The latest reduction marks another episode in the increasingly tight relationship between global crude movements and domestic petrol pricing that has emerged since Dangote Refinery began supplying the Nigerian market — with the refinery’s pricing decisions consistently influencing retail pump prices across competing filling stations.

Falling crude oil prices are now mounting pressure on other Nigerian refineries and fuel marketers to similarly reduce their pump prices, with Nigerians hoping the Dangote cut will cascade into broader market relief following weeks of painful price increases.