Dangote Refinery Cuts Premium Motor Spirit Price Amid Crude Oil Decline
Dangote Refinery lowered its Premium Motor Spirit gantry price from N1,350 to N1,325 per litre.
In Brief
- •Dangote Refinery lowered its Premium Motor Spirit gantry price from N1,350 to N1,325 per litre.
- •The price cut of N25 per litre follows a drop in global crude prices, with Brent at $100.50 and WTI at $92.43 per barrel.
- •The refinery, Nigeria’s largest at 700,000 barrels per day, expects the reduction to ease pump prices nationwide.
Why It Matters
The adjustment reflects how global oil price swings directly influence domestic fuel costs in Nigeria. A lower gantry price can reduce retail petrol prices, easing consumer expenses and potentially stabilizing the local economy amid volatile oil markets.
Key Details
- New PMS price
- N1,325 per litre
- Price reduction
- N25 per litre
- Brent price
- $100.50 per barrel
- WTI price
- $92.43 per barrel
- Refinery capacity
- 700,000 barrels per day
Original Reporting & Sources
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