 to ₦1,200 per litre, reversing its recent hike amid easing global){kind=link}
Lagos — In a major boost for motorists and businesses, the Dangote Refinery has slashed the price of Premium Motor Spirit (PMS) to ₦1,200 per litre, reversing its recent hike amid easing global oil tensions.
The refinery reduced its ex-gantry price by ₦75, down from about ₦1,275 per litre, signaling a swift response to changing market dynamics.
The earlier increase had been driven by volatility in international crude markets, but a sharp drop in prices has now forced a turnaround. Brent Crude plunged to $95.05 per barrel, marking a 13% decline, while West Texas Intermediate fell to $97.18, shedding nearly 14%.
Industry watchers link the sudden dip to geopolitical developments, particularly a ceasefire signal from Donald Trump involving Iran, which has eased fears of supply disruptions and calmed global markets.
The price cut is expected to ripple across Nigeria’s economy, potentially lowering transport costs and offering temporary relief to consumers battling high living expenses.
For now, Nigerians are breathing easier at the pumps, as the Dangote Refinery’s move underscores how global politics continues to shape local fuel prices.
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