The Dangote Petroleum Refinery & Petrochemicals has slashed the ex-gantry price of Premium Motor Spirit (petrol) to N1,200 per litre, reversing its earlier increase amid a sharp drop in global crude oil prices triggered by geopolitical developments.
The latest adjustment represents a N75 reduction from the previous price of about N1,275 per litre, which the refinery had implemented in response to rising international oil prices and supply concerns.
A top official at the refinery, who confirmed the earlier price hike to our correspondent on Tuesday night, had said the facility adjusted its pricing in response to prevailing international crude oil benchmarks and market realities.
“The adjustment is in line with global market trends. You are aware of the ongoing tensions in the Middle East and how they have impacted crude oil prices. These are external factors that directly influence refined product pricing,” the official, who spoke in confidence due to the lack of authorisation to speak on the matter, stated.
