- Fuel Market Shifts As Dangote Refinery Drops Petrol Price To ₦840.
- Major depots implement new rates as market adjusts to crude price movement.
- OPEC plus meeting reaffirms production plan impacting downstream pricing.
The petrol market has recorded another price adjustment as the Dangote Refinery and several major depot operators reduced their gantry price of Premium Motor Spirit to ₦840 per litre.
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EKO HOT BLOG reports that the new rate reflects a slight reduction from the earlier ₦843 per litre, driven by a decline in the price of Brent crude, which averaged sixty two dollars per barrel over the weekend.
The fall in global crude prices prompted refiners and key players in the downstream sector to review their rates. Market checks on Sunday confirmed that Dangote Refinery, AIPEC and NIPCO all adjusted their depot prices to ₦840 per litre.
Other depot operators implemented varying reviews, with Rainoil now selling at ₦844, Sigmund at ₦858, Master Energy at ₦858 and Northwest at ₦850 per litre. Operators linked the adjustments to fluctuations in global crude prices, which directly influence refining and distribution expenses.
The latest review came days after the OPEC plus virtual meeting held on November thirty, twenty twenty five. At the meeting, eight key OPEC plus countries including Saudi Arabia, Russia, Iraq, UAE, Kuwait, Kazakhstan, Algeria and Oman assessed the global oil outlook and reaffirmed an earlier decision taken on November two to maintain current production levels for January, February and March twenty twenty six.
The group also reiterated that the one point six five million barrels per day withheld from the market could be restored gradually depending on market conditions.
They added that they retain full flexibility to pause or reverse voluntary production adjustments, including the two point two million barrels per day cut first announced in twenty twenty three.
