Dangote Petroleum Refinery & Petrochemicals has officially denied circulating reports that it increased the gantry price of Premium Motor Spirit (PMS) to N1,275 per litre.
Contrary to claims that emerged on Tuesday, the refinery confirmed that its pricing structure remains unchanged, with the gantry price still at N1,200 per litre and the coastal price at N1,153 per litre.
A source at the company dismissed the reports as inaccurate, reaffirming that no new pricing template has been introduced for customers.
“We are maintaining our existing price and have not implemented any new pricing for our customers,” the source said.
The reports, which quoted a top official at the refinery, had claimed that petrol would rise by N75 per litre to N1,275 — a 5.02 per cent increase — while diesel would jump by N200 per litre to N1,950. That would have marked a sharp increase from last month’s prices of N1,200 for petrol and N1,750 for diesel, had the reports been true.
The false reports emerged amid rising geopolitical tensions in the Middle East and their ripple effects on global energy markets. However, oil prices plunged on Wednesday after the United States and Iran agreed to a two-week ceasefire that will see Tehran temporarily reopen the vital Strait of Hormuz.
Market reaction was swift, with U.S. crude futures dropping around 15 per cent to $96.31 a barrel, while Brent futures slid 13 per cent to $94.71 per barrel. The Nigerian crude grade, Bonny Light, also fell below $95 per barrel on Wednesday.
The Dangote refinery source added that the facility remains focused on ensuring the steady availability of refined petroleum products across Nigeria and the wider African market, reinforcing its role in supporting supply stability despite external market volatility.
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