Dangote Petroleum Refinery has reduced the price of Premium Motor Spirit (PMS), commonly known as petrol, by N25 per litre, nine days after increasing its ex-gantry price by N85.
The refinery cut the price from N1,350 to N1,325 per litre, according to its latest price update. The reduction comes as international crude oil prices eased after recent gains.
Brent crude was trading at $100.40 per barrel, down 3.34 per cent, while West Texas Intermediate stood at $92.40 per barrel, representing a 3.83 per cent decline at the latest market update.
Dangote had raised its petrol price from N1,265 to N1,350 per litre on September 12, adding N85 to the refinery’s wholesale price amid higher international crude prices and product replacement costs.
The latest movement in crude prices followed renewed expectations of diplomatic engagement between the United States and Iran, easing some pressure on the international oil market. The decline in crude prices has now allowed the refinery to reverse part of its earlier increase.
The reduction has also brought Dangote’s ex-gantry price closer to prices at several coastal depots.
Data from Petroleumprice.ng showed that monitored depots in Warri and Port Harcourt were selling petrol at about N1,330 per litre, while some depots in Calabar were quoting N1,327 per litre.
This means most of the monitored coastal depots were within N2 to N5 of Dangote’s new N1,325 benchmark. Lagos remained higher, with monitored depots selling at about N1,351 per litre.