Dangote Petroleum Refinery & Petrochemicals has reduced its gantry price for Premium Motor Spirit (PMS) to N1,200 per litre, alongside a coastal price of N1,153 per litre, despite rising crude oil prices driven by ongoing tensions in the Middle East.

The downward adjustment in ex-depot pricing comes at a time when global oil markets are experiencing upward pressure, with geopolitical instability continuing to impact supply chains, freight costs, and benchmark crude prices.

The price adjustment represents a downward review in the refinery’s ex-depot pricing and is expected to ripple across Nigeria’s downstream sector, potentially easing supply costs for marketers and influencing pump prices at retail outlets. Lower ex-depot prices typically translate into reduced pump prices.

The Middle East crisis has introduced renewed uncertainty into global oil markets, affecting shipping routes, insurance premiums, and supply chains.

For Nigeria, the presence of large-scale local refining capacity is increasingly seen as a stabilising factor, offering some insulation from external shocks even as global market pressures persist.