Dangote Refinery on Tuesday announced a reduction in the ex-depot prices of Premium Motor Spirit (PMS) and Automotive Gas Oil (AGO), marking the first downward adjustment after a series of sharp increases recorded in recent days.
According to the refinery’s latest pricing template, the gantry price of petrol has been reduced by ₦100 to ₦1,075 per litre, down from the previous ₦1,175 per litre.
The refinery also indicated that PMS supplied via coastal distribution channels will now sell for ₦1,050 per litre, reflecting a slight differential for marine logistics.
Similarly, the price of Automotive Gas Oil (diesel) has been lowered to ₦1,430 per litre at the gantry, representing a ₦190 reduction from the earlier price of ₦1,620 per litre.
Dangote Refinery noted that the listed gantry prices are exclusive of statutory charges imposed by the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA).
The latest adjustment comes amid a recent softening in global crude oil prices, which has begun to ease cost pressures across the international petroleum market and is gradually influencing pricing dynamics in Nigeria’s downstream sector.
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Meanwhile, global oil markets tumbled sharply on Monday after United States President Donald Trump suggested that the ongoing conflict involving Iran, Israel and the United States could soon wind down, easing fears of a prolonged disruption to global crude supply.
Earlier in the day, Brent crude surged to as high as $119.85 per barrel as escalating geopolitical tensions rattled energy markets and raised concerns about potential supply disruptions across key shipping routes.
However, market sentiment shifted quickly after Trump indicated that military operations were progressing faster than expected.
Following the remarks, Brent crude fell sharply to about $89.87 per barrel, representing an intraday decline of roughly 30 percent from the earlier peak.
Trump also addressed the spike in oil prices in a social media post, arguing that the surge in crude prices would be temporary and likely reverse once the perceived threat from Iran’s nuclear programme is eliminated
