By Ajibola Olaide, JKNewsMedia Reporter
FRESH PRICING shifts have emerged in Nigeria’s downstream oil sector as Dangote Petroleum Refinery & Petrochemicals (DRP) announced a reduction in its petrol loading cost, signalling potential relief across the fuel distribution chain.
JKNewsMedia.com reports that the refinery slashed its ex-gantry price for Premium Motor Spirit (PMS) to N1,200 per litre, down from N1,275 representing a N75 decrease.
Its coastal price was also adjusted to N1,153 per litre, according to a statement released on Thursday.
Spokesperson for the Dangote Group, Anthony Chiejina, confirmed the development, linking the decision to volatility in global oil markets driven by geopolitical tensions.
“Dangote Petroleum Refinery & Petrochemicals has reduced its gantry price for petrol to N1,200 per litre and its coastal price to N1,153 per litre, a move that comes amid ongoing tensions in the Middle East that continue to influence global oil markets,” Chiejina stated.
Price Adjustment Signals Market Ripple Effects
The company also noted that the downward review is expected to reverberate across Nigeria’s fuel supply network, affecting depot owners, marketers, and retail outlets.
Industry observers say marketers sourcing products locally may now reassess their landing costs, potentially easing pump prices if the reduction is sustained. Coastal depots, which rely on marine deliveries, are also likely to feel the impact of the revised N1,153 per litre rate.
Volatility Persists Despite Crude Oil Surge
The price cut comes against a backdrop of fluctuating global oil benchmarks. Brent crude oil climbed to $100.54 per barrel on Thursday, highlighting ongoing instability in energy markets.
Earlier in the week, prices dipped to $96 per barrel after Donald Trump signalled a delay in potential military action targeting Iranian energy infrastructure.
Adding to concerns, the International Energy Agency (IEA) had warned on March 13 that the ongoing conflict could trigger the largest supply disruption in the history of the global oil market.
Pricing Trend Reflects Rapid Swings
The latest reduction follows a series of rapid price increases by the refinery earlier in March. Petrol was raised from ₦1,175 per litre on March 13 to ₦1,245 on March 20, before climbing further to ₦1,275 on March 21.
JKNewsMedia.com reports that the company describes the reversal as the sensitivity of domestic fuel pricing to international developments, particularly geopolitical tensions and supply uncertainties.
