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Dangote Refinery has reduced its gantry price for premium motor spirit (petrol) to ₦1,200 per litre, in a move expected to ease pressure across Nigeria’s downstream fuel market.
The refinery’s spokesman, Anthony Chiejina, also disclosed that the coastal price has been adjusted to ₦1,153 per litre, signalling a downward shift in its pricing structure amid ongoing volatility in the global oil market.
The latest reduction represents a ₦75 drop from the previous ₦1,275 per litre rate and comes just days after an earlier price increase, highlighting the fluid nature of pricing in response to international developments.
The adjustment is expected to influence supply costs across depots and retail outlets, with potential implications for pump prices nationwide.
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Industry watchers say the new pricing will compel marketers to recalibrate landing costs, particularly those sourcing products locally instead of relying on imports, while coastal distributors may also benefit from cheaper marine supply routes.
Despite the reduction, concerns persist over external pressures, especially the ongoing Middle East crisis, which continues to impact shipping routes, insurance premiums and overall supply chains.
However, analysts note that Nigeria’s growing local refining capacity, led by Dangote Refinery, is gradually providing a buffer against global shocks, offering some level of price stability in an otherwise uncertain energy market.
