The Dangote Refinery has reduced the ex-gantry price of Premium Motor Spirit to ₦1,200 per litre.
The adjustment represents a ₦75 drop from the previous price of about ₦1,275 per litre, which was introduced amid volatility in the global oil market.
The latest reduction follows a decline in international crude oil prices. Brent crude dropped to $95.05 per barrel, while West Texas Intermediate fell to $97.18 per barrel.
Industry analysts attributed the price movement to easing geopolitical tensions after the announcement of a conditional two-week ceasefire involving Iran by U.S. President Donald Trump, which has calmed concerns over supply disruptions.
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