The Dangote Refinery has announced a reduction in the ex-depot price of Premium Motor Spirit (PMS), bringing it down from N880 to N840 per litre, effective June 30.
This was confirmed on Monday night by Anthony Chiejina, the Group Chief Branding and Communications Officer of Dangote Industries Limited, in a message to reporters
“Premium Motor Spirit (PMS) price reduced from N880 to N840 effective 30th June,” Chiejina stated.
The adjustment follows recent softening in global crude oil prices, which have shown signs of decline amid easing geopolitical tensions in the Middle East and signals of a possible output increase by OPEC+ in August.
On Monday, Brent crude futures fell slightly by 16 cents (0.2%) to close at $67.61 per barrel, while the more active September contract closed at $66.74. U.S. West Texas Intermediate (WTI) crude also slipped by 41 cents (0.6%) to settle at $65.11 per barrel.
Earlier in mid-June, Dangote had raised the petrol price from N825 to N880 per litre, aligning with a previous upswing in crude prices.
Fuel prices in Nigeria, particularly for PMS, remain sensitive to global oil market trends. The Dangote Refinery’s pricing decisions are increasingly seen as influential in shaping downstream market stability amid the country’s post-subsidy fuel regime.
