Dangote Petroleum Refinery has reduced the gantry price of Premium Motor Spirit (PMS), commonly known as petrol, by 4.5 percent, bringing it down from N880 to N840 per litre. The price cut follows a decline in crude oil prices to $67.50 per barrel from over $70 per barrel in the global market.
Other companies have also adjusted their prices accordingly. MENJ lowered its depot price by 2.27 percent to N860 per litre from N880, while MAO and Mainland reduced theirs to N860 and N890 per litre, down from N910 and N900 respectively. Rainoil in Lagos cut its depot price slightly to N872 per litre from N875, and A.Y.M Shafa reduced its price to N880 from N887 per litre.
The global oil market has experienced volatility recently, largely influenced by the ongoing Israel-Iran conflict. Prices had previously dropped when Nigeria’s Bonny Light crude fell to $68 per barrel from above $80, but surged close to $90 per barrel amid supply uncertainties linked to the conflict.
These adjustments reflect the fluctuating dynamics of crude oil prices and their direct impact on domestic petrol pricing. Dangote Refinery Cuts Petrol Price by 4.5% to N840 per Litre
Dangote Petroleum Refinery has reduced the gantry price of Premium Motor Spirit (PMS), commonly known as petrol, by 4.5 percent, bringing it down from N880 to N840 per litre. The price cut follows a decline in crude oil prices to $67.50 per barrel from over $70 per barrel in the global market.
Other companies have also adjusted their prices accordingly. MENJ lowered its depot price by 2.27 percent to N860 per litre from N880, while MAO and Mainland reduced theirs to N860 and N890 per litre, down from N910 and N900 respectively. Rainoil in Lagos cut its depot price slightly to N872 per litre from N875, and A.Y.M Shafa reduced its price to N880 from N887 per litre.
The global oil market has experienced volatility recently, largely influenced by the ongoing Israel-Iran conflict. Prices had previously dropped when Nigeria’s Bonny Light crude fell to $68 per barrel from above $80, but surged close to $90 per barrel amid supply uncertainties linked to the conflict.
These adjustments reflect the fluctuating dynamics of crude oil prices and their direct impact on domestic petrol pricing.
