Dangote Petroleum Refinery has slashed the gantry price of Premium Motor Spirit, PMS, also known as petrol by 4.5 per cent to N840 per litre, from N880 per litre.
Checks by Spearnews indicated that the reduction was based on the slide in crude oil price to $67.50 per barrel from more than $70 per barrel in the global market.
Reacting to the development, other companies, including MENJ slashed its depot price by 2.27 per cent to N860 per litre from N880 per litre.
Also, MAO and Mainland reduced their depot prices to N860 and N890 per litre, from N910 and N900 per litre, respectively.
According to petrolprice.ng price chart, Rainoil (Lagos) reduced its depot price to N872 per litre from N875 per litre, while A.Y.M Shafa reduced the depot price to N880 per litre from N887 per litre.
The global oil market and extension petroleum prices has been unstable in the past few weeks, due mainly to the Israel-Iran conflict.
Recently, depot owners reduced the prices of petrol by five per cent when the price of Nigeria’s Bonny Light dropped to $68 per barrel from more than $80 per barrel in the global market.
Also, recently on the average, crude oil had soared toward $90 per barrel, due to uncertainty and threat to crude oil supply following the Israel-Iran conflict.
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