The Dangote Refinery has reduced its ex-gantry price of Premium Motor Spirit (PMS) to ₦1,200 per litre, trimming ₦75 off its previous rate amid a sharp downturn in global crude oil prices.

The adjustment comes shortly after the refinery had increased its petrol price to around ₦1,275 per litre, a move it attributed at the time to turbulence in international oil markets that raised input costs.

Fresh declines in benchmark crude prices appear to have driven the reversal. Brent crude slipped to $95.05 per barrel, reflecting a drop of about 13 per cent, while West Texas Intermediate settled at $97.18, down nearly 14 per cent.

Energy analysts link the fall in prices to easing geopolitical tension in the Middle East, following a conditional two-week ceasefire understanding between the United States and Iran that reduced fears of supply disruptions through key oil routes.

Fuel marketers and consumers in several cities have welcomed the reduction, saying it could offer modest relief as households and businesses continue to grapple with high living costs and inflation.

Industry observers believe the refinery’s new pricing could ripple through the downstream market, potentially influencing pump prices if the global oil decline is sustained.

Experts also note that the development highlights how closely domestic fuel pricing is now tied to international oil benchmarks, even as Nigeria expands local refining capacity.

Since commencing operations in 2023, the Dangote Refinery has been positioned as a major step toward lowering Nigeria’s dependence on imported petrol. However, its pricing strategy continues to reflect shifts in global crude indicators.