Dangote Refinery has announced another reduction in the ex-gantry price of premium motor spirit (PMS), commonly known as petrol, lowering the rate by N50 per litre.
According to a notice issued to customers, the refinery reduced the ex-depot price from N1,175 per litre to N1,125 per litre. It also adjusted its coastal supply price downward from N1,495,215 per metric tonne to N1,428,165 per metric tonne.
The company linked the latest review to easing tensions in the Middle East, which it said has contributed to lower energy prices globally.
The adjustment comes less than two weeks after the refinery implemented another reduction of N75 per litre, bringing the ex-gantry price down to N1,175 from N1,250. That earlier cut was also attributed to improved geopolitical conditions and their effect on international energy markets.
Before the recent reductions, the refinery had revised petrol prices upward several times this year as supply concerns and regional instability placed pressure on crude oil markets.
In March, the plant increased its ex-gantry rate to N1,175 per litre following a surge in crude prices linked to tensions in the Middle East.
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Industry observers expect the latest reduction to affect depot rates and eventually influence pump prices nationwide as marketers respond to the updated pricing structure.
Meanwhile, global oil prices have declined sharply following a peace agreement reached between the United States and Iran in Switzerland, which opened a 60-day negotiation window. Brent crude, the international benchmark, fell to $72.97 per barrel, its lowest level since February when tensions escalated.