Dangote Refinery has lowered its Premium Motor Spirit (PMS) gantry price by N25 per litre to N1,325, from N1,350, following another decline in international crude prices on Monday. The 700,000-barrel-per-day facility made the adjustment as Brent crude fell more than 3% to $100.50 a barrel and West Texas Intermediate dropped by a similar margin to $92.43 at the time of reporting.
The reduction is expected to increase pressure on petrol retailers to cut pump prices across Nigeria. Crude oil’s recent retreat is also squeezing refiners and domestic fuel producers, strengthening calls for lower prices at filling stations. Petrol gantry and pump rates had risen over the preceding two weeks after crude prices climbed above $104 a barrel.
