In a significant move, Dangote Petroleum Refinery has reduced the price of Premium Motor Spirit (PMS), commonly referred to as petrol, by 4.5% to N840 per litre, down from N880 per litre.
This price adjustment, as reported by Elanzanews, comes in response to a decline in crude oil prices, which have fallen to $67.50 per barrel from over $70 per barrel in the international market.
Following suit, several other companies have adjusted their depot prices. MENJ has lowered its price by 2.27% to N860 per litre, down from N880 per litre. Similarly, MAO and Mainland have revised their prices to N860 and N890 per litre, respectively, from N910 and N900 per litre.
According to petrolprice.ng, Rainoil in Lagos has decreased its depot price to N872 per litre from N875, while A.Y.M Shafa has lowered its depot price to N880 per litre, down from N887 per litre.
The global oil market has seen volatility in recent weeks, largely due to the ongoing Israel-Iran conflict. Recently, depot owners collectively reduced petrol prices by 5% after Nigeria’s Bonny Light crude dropped to $68 per barrel from over $80. Despite this, crude oil prices had recently surged towards $90 per barrel, driven by uncertainties regarding supply stemming from the regional conflict.
