Dangote Petroleum Refinery has announced another reduction in the ex-gantry price of Premium Motor Spirit (PMS), commonly known as petrol, lowering the price by N50 per litre.
In a notice issued to customers, the refinery stated that the ex-depot price has been reduced from N1,175 per litre to N1,125 per litre. It also lowered the coastal supply price from N1,495,215 per metric tonne to N1,428,165 per metric tonne.
The company said the latest price adjustment was made possible by easing tensions in the Middle East, which have contributed to a decline in global energy prices.
The reduction comes less than a week after the refinery cut its ex-gantry petrol price by N75 per litre, bringing it down to N1,175 per litre from N1,250 per litre. At the time, the refinery also cited the easing of geopolitical tensions in the Middle East and their impact on international energy markets.
Earlier this year, the refinery had increased petrol prices on several occasions due to supply concerns arising from the Middle East conflict and disruptions to global crude oil supplies.
In March, the refinery raised its ex-gantry price to N1,175 per litre after crude oil prices surged as a result of the regional conflict.
The latest price cut is expected to influence depot prices and eventually lead to lower retail pump prices as fuel marketers adjust to the new pricing structure.
Meanwhile, global crude oil prices have continued to decline following the peace agreement signed between the United States and Iran in Switzerland, which initiated a 60-day negotiation period.
Brent crude, the international oil benchmark, fell to $72.97 per barrel, its lowest level since February when the conflict began.
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