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By Correspondent in Lokoja.
(C) Google.
Nigeria’s downstream petroleum sector may be on the cusp of modest relief following a fresh price cut by Dangote Petroleum Refinery & Petrochemicals, which has reduced its gantry price for Premium Motor Spirit (petrol) to N1,200 per litre.
The Reporters gathered that the refinery also pegged its coastal price at N1,153 per litre, a strategic adjustment expected to reverberate across the nation’s fuel distribution value chain.
The development, confirmed by the Dangote Group’s spokesperson, Anthony Chiejina, signals a downward review in the company’s pricing template at a time when global oil markets remain volatile.
Our correspondent reports that the ongoing geopolitical tensions in the Middle East, particularly linked to the US-Iran conflict escalation February 2026, have continued to exert pressure on crude oil prices and refined petroleum products worldwide.
Industry analysts say the revised gantry price could ease the burden on fuel marketers, many of whom have grappled with high landing costs in recent weeks.
The added that with local sourcing becoming increasingly viable, the N1,200 per litre rate offers marketers an opportunity to recalibrate their pricing structures, potentially leading to a marginal reduction in pump prices across the country.
Equally significant is the coastal price of N1,153 per litre, which is expected to enhance supply logistics for distributors operating along Nigeria’s southern corridors.
Marine deliveries to coastal depots could become more competitive, providing an alternative and possibly more cost-effective channel for fuel distribution, especially in regions heavily dependent on seaborne supply.
The latest adjustment comes against the backdrop of a sharp price surge that saw petrol rise from about N840 per litre before the Middle East tensions to an average of N1,300 in recent days.
Although the reduction from N1,275 to N1,200 may not immediately translate into drastic pump price cuts, it nonetheless signals a potential easing of pressure in the market.
For consumers and businesses alike, the move offers a glimmer of hope.
While uncertainties in the global oil market persist, stakeholders are optimistic that sustained local refining capacity, anchored by Dangote’s operations, could gradually stabilize fuel prices and reduce Nigeria’s long-standing vulnerability to external shocks.
–Punch.
Edited by Dada Ahmed.
