Dare Babalola
The Dangote Refinery and Petrochemicals has maintained its Premium Motor Spirit (PMS), popularly known as petrol, ex-depot price at N1,275 per litre, despite ongoing fluctuations in global crude oil prices.
This comes amid earlier reports suggesting that the refinery had adjusted its petrol price upward by N75 to N1,350 per litre, following volatility in the international oil market.
Checks on Wednesday indicate that the refinery has not implemented any increase, with a credible industry source confirming that sales will continue at N1,275 per litre for now.
The development follows recent swings in global crude oil benchmarks. Brent crude, which reportedly surged to about $115 per barrel earlier in the week before closing at $110.31 on Tuesday due to geopolitical tensions, has since declined.
Market data shows that crude prices have dropped by about 10 to 12 per cent, with Brent now trading below $100 per barrel, amid easing tensions and reports of possible diplomatic progress between the United States and Iran.
Despite the recent pullback in crude prices, industry analysts say the oil market remains highly sensitive, with earlier spikes pushing up the cost of refined petroleum products globally, including petrol, diesel, and aviation fuel.
Energy experts attribute the volatility to ongoing geopolitical tensions in key producing regions and shifting supply conditions, which continue to influence pricing trends across international markets.
