Dangote Petroleum Refinery has reduced the ex-depot price of premium motor spirit (PMS), also known as petrol, by N50 per litre.
In a notice issued to customers, the refinery announced that the ex-depot price had been lowered from N1,175 per litre to N1,125 per litre. It also reduced the coastal supply price from N1,495,215 per metric tonne to N1,428,165 per metric tonne.
The refinery attributed the latest price cut to easing tensions in the Middle East, which have contributed to a decline in global energy prices.
The adjustment comes less than a week after the refinery slashed its ex-gantry petrol price by N75 per litre, reducing it from N1,250 to N1,175. At the time, it cited the de-escalation of geopolitical tensions in the Middle East and the resulting impact on international energy markets.
Earlier this year, the refinery raised petrol prices on several occasions due to supply concerns caused by unrest in the Middle East and disruptions to global oil supplies.
In March, the refinery increased its ex-gantry price to N1,175 per litre following a sharp rise in crude oil prices linked to the regional conflict.
The latest reduction is expected to affect depot and retail pump prices nationwide as marketers adjust to the revised pricing structure.
Global oil prices have fallen significantly since the United States and Iran signed a peace agreement in Switzerland, marking the beginning of a 60-day negotiation period.
Brent crude, the global oil benchmark, declined to $72.97 per barrel, its lowest level since February when the conflict began.