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The Dangote Petroleum Refinery & Petrochemicals has lowered its gantry price for Premium Motor Spirit (PMS), also known as petrol, to N1,200 per litre from over N1,270 per litre, the company announced.
According to Anthony Chiejina, spokesperson for the Dangote Group, the adjustment is part of a downward review of the refinery’s pricing template, influenced by developments in the global oil market.
“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,” Chiejina said.
“This move comes amid ongoing tensions in the Middle East, which continue to influence global oil markets.
“The adjustment marks a downward review in the refinery’s pricing structure and is expected to impact fuel supply costs across distribution channels, including depots and retail outlets.”
He added that the coastal price of N1,153 per litre will affect marine deliveries to depots in southern Nigeria and is expected to influence fuel supply costs across distribution channels, including depots and retail outlets.
The refinery’s CEO, David Bird, recently talked about operational challenges, particularly inadequate crude oil supply.
Designed to receive 13 to 15 cargoes per month, the refinery is currently falling short of this target, which affects overall operations.
Bird noted that the gap between crude purchase prices and prevailing premiums represents revenue losses to international traders rather than Nigeria.
“That value between the purchase price and the premium we’re now seeing is money Nigeria is leaking to the international trading community,” he said.
On the crude-for-naira policy, Bird explained that “Crude-for-naira is not designed to benefit Dangote Refinery. It is intended to provide resilience to foreign exchange. It is in the country’s interest to process domestic crude in local currency.”
Despite these supply constraints, Bird noted that the refinery continues operating at full capacity, supplying both domestic and regional markets.
