The Dangote Petroleum Refinery has announced a slight reduction in the ex-gantry price of Premium Motor Spirit (PMS), popularly known as petrol.
The refinery reduced its price by ₦75, bringing the per-litre price of petrol to ₦1,200.
GISTSMATE MEDIA learnt that two days ago, the management of Dangote Refinery reversed the ex-depot price of petrol to ₦1,275, instead of the earlier ₦1,350.
Dangote said the new declaration nullifies the previous price adjustment, which increased the price of petrol by ₦75.
The reversal reinstates the former pricing structure at the loading gantry, and alleviates immediate concerns among downstream marketers.
Industry operators report that this action has helped ease market concerns, as traders had already begun repositioning in anticipation of a higher pricing regime.
The latest reduction is coming hours after reports claim that the refinery had increased its petrol price by ₦75 amid fluctuations in global crude oil prices.
The unstable fuel price is caused by sustained volatility in the global crude oil market, driven largely by the prolonged US-Iran conflict, which has disrupted oil production and supply flows in Iran and other parts of the world.
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