The Dangote Petroleum Refinery has reduced the ex-gantry price of Premium Motor Spirit (PMS) to ₦1,200 per litre, reversing its recent price increase.
The refinery cut the price by ₦75 per litre, after previously raising it to about ₦1,275 per litre amid pressure from rising global crude oil prices.
It was gathered that the latest adjustment reflects changes in the international oil market.
The price reduction follows a significant decline in global crude oil prices in recent days.
Data from international oil markets show that Brent crude dropped to $95.05 per barrel, representing a 13 percent decline, while West Texas Intermediate (WTI) crude closed at $97.18 per barrel, marking nearly a 14 percent drop.
Analysts say the sharp fall in crude prices has eased pressure on refined petroleum product pricing worldwide.
Industry analysts attributed the sudden drop in global oil prices to the announcement by United States President Donald Trump of a conditional two-week ceasefire with Iran.
