The Dangote Petroleum Refinery has reduced the ex-depot price of Premium Motor Spirit (PMS), commonly known as petrol, from N880 to N840 per litre, a 4.5% drop.
The price cut comes amid a decline in global crude oil prices, which recently fell to $67.50 per barrel from over $70.
Following Dangote’s lead, other marketers have also adjusted their prices. MENJ slashed its price to N860 per litre (down from N880), representing a 2.27% reduction.
Similarly, MAO and Mainland lowered their prices to N860 and N890 per litre from N910 and N900, respectively.
Data from petrolprice.ng also shows Rainoil (Lagos) reduced its price to N872 from N875, while A.Y.M. Shafa adjusted its rate to N880 from N887.
Read Also: Dangote Refinery to begin PMS, diesel distribution nationwide
The international oil market has experienced volatility in recent weeks, largely due to escalating tensions between Israel and Iran.
This instability has continued to impact petroleum product pricing.
Earlier, depot owners cut petrol prices by 5% when the price of Nigeria’s Bonny Light crude dipped to $68 per barrel from above $80.
However, the market had previously seen a spike toward $90 per barrel amid fears of supply disruptions linked to the Middle East conflict.
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