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

Market checks indicate that the adjustment reflects ongoing fluctuations in global crude oil prices, which serve as the refinery’s primary feedstock.

An official of the refinery confirmed the price cut, stating that pricing decisions are driven by market realities in Nigeria’s deregulated downstream petroleum sector.

“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 that the company will continue to monitor market conditions and adjust prices accordingly.

Despite the reduction at the gantry level, petrol prices at filling stations across the country have yet to reflect the change, with retail prices still reportedly above N1,350 per litre in several locations.

The refinery also noted that its operations are contributing to Nigeria’s improving economic outlook, following recent upgrades in the country’s sovereign credit rating by S&P Global Ratings.

According to the company, S&P raised Nigeria’s long-term credit ratings to “B” from “B-”, citing stronger growth, improved external balances, and increased domestic refining capacity.

Dangote Refinery, which has a capacity of 650,000 barrels per day, was highlighted as a key factor supporting Nigeria’s balance of payments and economic resilience as it continues to ramp up production.