Dangote Slashes Petrol Price, Sparks Nationwide Relief

According to Ireporter Online, the Dangote Petroleum Refinery has announced a further reduction in the ex-gantry price of Premium Motor Spirit (PMS), commonly known as petrol, lowering it by ₦75 to ₦1,200 per litre.

The development comes just days after the refinery had adjusted its ex-depot price upward to ₦1,275 per litre from an earlier ₦1,350, a move that was subsequently reversed. The latest adjustment effectively cancels the previous increase and restores the earlier pricing structure at the loading gantry.

Industry stakeholders say the decision has brought relief across the downstream petroleum market, easing concerns among marketers who had begun making preparations for a higher pricing regime. The reversal is also seen as stabilizing short-term expectations in the sector amid ongoing volatility in global crude oil prices.

Reports indicate that the refinery’s initial price increase of ₦75 had triggered uncertainty within the market, but the swift policy reversal has helped calm tensions among operators.

In a related development, former Minister of Petroleum Resources, Diezani Alison-Madueke, has told a United Kingdom court that her involvement in approving oil contracts during her tenure was largely procedural, stating that key decisions were typically concluded before reaching her office.

Testifying at the Southwark Crown Court in London, she explained that most contract approvals had already undergone extensive technical and regulatory review by officials of the Nigerian National Petroleum Corporation (NNPC) before being forwarded to her desk. She added that she rarely rejected approvals, as due process was generally observed prior to ministerial consideration.