The Dangote Petroleum Refinery has announced a fresh reduction in the ex-gantry price of Premium Motor Spirit (PMS), popularly known as petrol.

Dangote reduced its price by ₦75, bringing the price per litre of petrol to ₦1,200.

It would be recalled that two days ago, the management of Dangote Refinery reversed the ex-depot price of petrol to ₦1,275, instead of the earlier ₦1,350.

Dangote said the new declaration nullifies the previous price adjustment, which increased the price of petrol by ₦75.

The reversal reinstates the former pricing structure at the loading gantry, and alleviates immediate concerns among downstream marketers.

Industry operators report that this action has helped ease concerns across the market, where traders had already begun repositioning in anticipation of a higher pricing regime.

Reports stated that this is coming hours after reports claim that the refinery had increased its petrol price by ₦75 amid fluctuations in global crude oil prices.

Meanwhile, former Minister of Petroleum Resources, Diezani Alison-Madueke, has told a United Kingdom (UK) court that her role in approving oil contracts during her tenure was largely procedural, as major decisions had already been concluded before reaching her office.

Testifying at the Southwark Crown Court in London , the former minister said the operational structure of Nigeria’s oil industry limited her direct influence, with key decisions driven by officials of the Nigerian National Petroleum Corporation (NNPC).

Diezani explained that by the time contract files were forwarded to her, they had already undergone extensive technical and regulatory scrutiny.

According to her, she rarely rejected approvals because due processes had typically been completed beforehand.