The Dangote Petroleum Refinery has reduced the gantry price of Premium Motor Spirit, PMS, also known as petrol, to N1,250 per litre from N1,275 per litre, representing a two per cent decrease.

Market checks by Vanguard confirmed the development as competition intensifies in Nigeria’s deregulated downstream petroleum market amid declining crude oil prices in the international market.

An official of the refinery confirmed the price adjustment, attributing it to the sustained drop in global crude oil prices, the refinery’s major feedstock.

“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,” the official said.

He added: “We are still monitoring developments and will continue to adjust prices in line with market realities.”

However, findings showed that many filling stations across the country are yet to reflect the new pricing, with petrol still selling above N1,350 per litre depending on location and marketer.

Meanwhile, the refinery recently stated that it has 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-”, citing stronger economic growth, improved external balances, rising oil production and increased domestic refining capacity as key factors supporting the nation’s economic recovery.

The refinery noted that the global ratings agency specifically identified the operational ramp-up of the 650,000 barrels-per-day Dangote Petroleum Refinery & Petrochemicals as a significant 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.