The Dangote Petroleum Refinery has announced a fresh reduction in the ex-gantry price of Premium Motor Spirit (PMS), popularly known as petrol.
The refinery reduced the price by ₦75, bringing the new loading price to ₦1,200 per litre.
The latest adjustment comes shortly after the refinery reversed an earlier increase that had raised the ex-depot price of petrol from ₦1,275 to ₦1,350 per litre.
According to reports, the management later nullified the increment and restored the previous pricing structure, easing concerns among fuel marketers and operators in the downstream petroleum sector.
Industry stakeholders noted that the decision helped stabilise market expectations, especially after many traders had begun adjusting business strategies in anticipation of another price increase following fluctuations in global crude oil prices.
The development is expected to influence pump prices across various parts of the country as marketers respond to the revised ex-gantry rate.
Meanwhile, former Minister of Petroleum Resources, Diezani Alison-Madueke, has told a court in the United Kingdom that her role in approving oil contracts during her tenure was largely procedural.
Testifying before the Southwark Crown Court in London, Diezani stated that most major decisions concerning oil contracts had already been concluded before documents reached her office.
She explained that the operational structure of Nigeria’s oil industry placed significant responsibility on officials of the Nigerian National Petroleum Corporation (NNPC), adding that contract files usually underwent technical and regulatory scrutiny before final approval processes.
