The Dangote Petroleum Refinery has reduced the gantry price of Premium Motor Spirit, also known as petrol, from ₦1,275 to ₦1,250 per litre.
The reduction represents a two per cent decrease.
According to Vanguard, market checks confirmed the adjustment amid intensifying competition in Nigeria’s deregulated downstream petroleum market and declining crude oil prices in the international market.
An official of the refinery confirmed the price change, saying it was driven by the fall in global crude prices.
The official said, “It is true that we have adjusted the gantry price of petrol due to the reduction in crude oil prices, which is our major feedstock. In a deregulated market, such adjustments should be expected.
“We are still monitoring developments and will continue to adjust prices in line with market realities.”
Findings showed that many filling stations across the country had yet to reflect the new price.
Petrol was still selling above ₦1,350 per litre in several locations, depending on the marketer and area.
Meanwhile, the refinery said it had become a major driver of Nigeria’s improving economic outlook following the country’s sovereign credit rating upgrade by S&P Global Ratings.
According to the company, S&P upgraded Nigeria’s long-term foreign- and local-currency sovereign credit ratings to “B” from “B-”.
The ratings agency cited stronger economic growth, improved external balances, rising oil production and increased domestic refining capacity as factors supporting the country’s recovery.
The refinery said S&P specifically identified the operational ramp-up of its 650,000-barrel-per-day facility as a major contributor to Nigeria’s improving balance-of-payments position and broader economic resilience.
“Significant refining capacity is now also online; Dangote Industries Ltd.’s large-scale refinery and petrochemical complex has ramped up to near its maximum capacity of 650,000 barrels per day,” the company stated.
