Dangote Petroleum Refinery & Petrochemicals has clarified that the price of Premium Motor Spirit (PMS) remains unchanged, addressing concerns about possible instability in the downstream petroleum market.
A source within the company confirmed that its pricing structure is still in place, with the gantry price at N1,200 per litre and the coastal price at N1,153 per litre.
“We are maintaining our existing price and have not implemented any new pricing for our customers,” the source said.
The source further noted that the refinery is focused on ensuring a consistent supply of refined petroleum products across Nigeria and other African markets, reinforcing its role in stabilising supply.
Reports had earlier emerged on Tuesday suggesting that the refinery had increased the gantry prices of petrol and diesel.
According to those reports, which cited a senior official, the refinery adjusted its pricing in response to global crude oil benchmarks and prevailing market conditions.
The claims indicated that petrol would rise by N75 per litre to N1,275 about a 5.02 per cent increase while diesel would increase by N200 per litre to N1,950.
If accurate, the adjustment would have represented a notable jump from last month’s prices of N1,200 per litre for petrol and N1,750 per litre for diesel.
The situation comes against the backdrop of heightened geopolitical tensions in the Middle East and their impact on global energy markets.
However, oil prices dropped sharply on Wednesday after the United States and Iran agreed to a two-week ceasefire, leading to the temporary reopening of the Strait of Hormuz.
The market responded quickly, with U.S. crude futures falling by about 15 per cent to $96.31 per barrel, while Brent crude declined by 13 per cent to $94.71 per barrel.
Nigeria’s Bonny Light crude also dropped below $95 per barrel on Wednesday, reflecting the broader shift in global oil prices.
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