- Dangote Refinery reduced its petrol gantry price by N35, from N1,250 to N1,215 per litre.
- IPMAN described the reduction as positive for consumers, while marketers expect retail prices to decline from Monday.
Dangote Refinery has reduced its Premium Motor Spirit (PMS) gantry price to N1,215 per litre from N1,250, following a N35 downward adjustment. The latest reduction could ease petrol costs across Nigeria’s downstream market.
Refinery Cuts Gantry Price by N35
A market survey by DAILY POST confirmed the new gantry price at the refinery. The adjustment represents a reduction of approximately 2.8 per cent.
Olatide Jeremiah, Chief Executive of Petroleumprice.ng, also confirmed the development. He said consortium marketers provided confirmation of the revised price. “It’s the consortium marketers’ price,” Jeremiah said. He added that depot operators, including Soroman, Aiteo and Masters, currently sell petrol between N1,255 and N1,300 per litre.
The President of the Independent Petroleum Marketers Association of Nigeria (IPMAN), Abubakar Maigandi, welcomed the latest adjustment.
“It is a good thing for Nigerians,” Maigandi told. The report noted that petrol prices had remained elevated in recent weeks. Filling stations across Nigeria currently sell petrol between N1,370 and N1,429 per litre.
Retail Prices May Decline
The latest reduction could trigger lower retail prices as marketers adjust their supply costs. The report expects filling stations to reflect the adjustment from Monday. However, the extent of the reduction will depend on how quickly depot operators and retailers adjust their prices.
The report also placed West Texas Intermediate (WTI) crude at $104 per barrel and Brent crude at $113 per barrel at the time of publication.
These international crude benchmarks provide important context for Nigeria’s domestic fuel market. The latest refinery price adjustment comes amid elevated crude oil prices and recent increases in petrol costs.