The Dangote Petroleum Refinery and Petrochemicals has reduced its gantry price for Premium Motor Spirit (PMS), also known as petrol, to N1,200 per litre from over N1,270 per litre.
The spokesperson for the Dangote Group, Anthony Chiejina, said the adjustment reflects a downward review of the refinery’s pricing template driven by developments in the global oil market.
He explained that the refinery also reduced its coastal price to N1,153 per litre, noting that the change comes amid ongoing tensions in the Middle East that continue to influence global oil prices.
Chiejina said the reduction is expected to affect fuel supply costs across distribution channels, including depots and retail outlets.
He added that the coastal price of N1,153 per litre would influence marine deliveries to depots, particularly in the southern part of Nigeria.
Meanwhile, the Chief Executive Officer of Dangote Petroleum Refinery, David Bird, recently highlighted operational challenges facing the facility, especially inadequate crude oil supply.
According to him, the refinery is designed to receive between 13 and 15 cargoes of crude oil monthly, but current deliveries fall below this requirement, affecting operations.
Bird also noted that the gap between crude purchase prices and prevailing premiums results in revenue losses to international traders rather than Nigeria.
He further clarified that the crude-for-naira policy is not meant to benefit the Dangote refinery alone but is intended to strengthen foreign exchange stability and support the processing of domestic crude in local currency.
Despite the supply constraints, he maintained that the refinery is operating at full capacity while supplying both domestic and regional markets.