Nigeria TV Info Dangote Refinery Cuts Petrol Gantry Price by ₦75 per Litre

Nigeria's downstream petroleum sector received a major boost on Tuesday as the Dangote Petroleum Refinery announced a reduction in its gantry price for Premium Motor Spirit (PMS), popularly known as petrol, by ₦75 per litre.

The new ex-depot price has been reduced from ₦1,250 per litre to approximately ₦1,175 per litre, a move that is expected to provide relief to fuel marketers and, ultimately, consumers across the country. The price adjustment comes amid easing tensions in the global oil market and a decline in international crude oil prices.

Industry analysts believe the reduction could lead to a gradual decrease in pump prices at filling stations, depending on transportation costs and marketers' margins. The development is also expected to ease inflationary pressures, as fuel prices significantly impact transportation and the cost of goods and services nationwide.

The Dangote Refinery, Africa's largest single-train refinery with a capacity of 650,000 barrels per day, has increasingly influenced Nigeria's fuel pricing dynamics since commencing petrol production. Market observers say the latest price cut demonstrates the refinery's growing role in stabilising the country's petroleum supply and pricing structure.

Stakeholders in the oil and gas sector have welcomed the reduction, expressing optimism that the lower ex-depot price will translate into more affordable petrol prices for millions of Nigerians in the coming days.