Dangote Petroleum Refinery and Petrochemicals has reduced its ex-depot price for premium motor spirit to ₦1,200 per litre, signaling a downward adjustment in domestic fuel pricing.
The development was disclosed in a statement by the spokesman of Dangote Group, Anthony Chiejina, who noted that the refinery also fixed its coastal price at ₦1,153 per litre.
He explained that the new pricing reflects a reduction in the refinery’s existing template and is expected to impact supply costs across Nigeria’s downstream petroleum sector.
According to the statement, the price cut comes amid ongoing volatility in the global oil market, largely driven by geopolitical tensions in the Middle East.
The latest adjustment represents a ₦75 decrease from the previous ex-depot rate of ₦1,275 per litre.
Earlier, the refinery had raised its petrol price from ₦1,175 per litre to ₦1,245 per litre before implementing the current reduction.
Chiejina stated that the revised pricing is likely to influence operations across the distribution chain, including depots and retail outlets nationwide.
He added that a drop in ex-depot prices often leads to lower pump prices, providing some relief to marketers and consumers.
The spokesman also highlighted concerns over the impact of the Middle East crisis on global oil supply, noting disruptions to shipping routes, insurance costs and logistics.
He, however, said Nigeria’s growing local refining capacity could serve as a buffer against external shocks affecting international oil markets.
With the new pricing, marketers are expected to adjust their cost structures, particularly those sourcing products locally instead of relying on imports.
The coastal price of ₦1,153 per litre is also projected to influence marine supply operations to depots along coastal areas, offering additional distribution channels for fuel marketers.
