Dangote Refinery has cut its petrol gantry price by ₦25 per litre, from ₦1,350 to ₦1,325 per litre, in a fresh downward adjustment coming just nine days after the refinery’s last upward review. The latest price represents a 1.85% reduction in the ex-gantry rate.
The refinery had raised the gantry price from ₦1,265 to ₦1,350 per litre effective September 12, adding ₦85 per litre to its previous rate.
The latest reduction comes as international crude prices retreat, with Brent trading at $100.40 per barrel, down 3.34%, while WTI stood at $92.40, down 3.83% as of the latest market update. The decline follows renewed expectations of diplomatic engagement between the United States and Iran.
The lower refinery benchmark is already bringing the coastal depot market closer to the new Dangote rate. Petroleumprice.ng checks on Monday showed PMS selling at ₦1,330 per litre across the monitored Warri and Port Harcourt depots, while prices in Calabar stood at ₦1,327 per litre.
In Warri, Keonamex, Sharon and Prudent quoted ₦1,330 per litre, while Masters and TSL in Port Harcourt also stood at ₦1,330. In Calabar, Alkanes, Mainland and Sobaz were each at ₦1,327 per litre, while In Lagos, PMS was quoted at ₦1,351 per litre at both Integrated and Ascon depots.
The latest depot prices therefore sit within a narrow ₦2–₦5 per litre range of Dangote Refinery’s new ₦1,325 gantry benchmark, while a ₦26/litre different in Lagos indicating a relatively tight spread across the coastal markets monitored by Petroleumprice.ng.
The direction of crude prices will remain a key variable for the downstream market, particularly as refiners and marketers adjust to changing international feedstock costs and domestic supply conditions.