In a move that could potentially ease the financial burden on Nigerians, Dangote Petroleum Refinery and Petrochemicals has again reduced the ex-depot price of Premium Motor Spirit (PMS), popularly known as petrol. The new rate is now N835 per litre, down from the previous N865, reflecting a 3.5 per cent decrease.
The price adjustment, announced via an official notice to the refinery’s customers on Wednesday, marks the third price cut in under six weeks by Africa’s largest refinery. The move signals Dangote’s continued efforts to stabilise the fuel market amid rising economic pressures.
Earlier, the refinery had dropped the gantry price from N880 to N865 per litre. However, the benefits of these reductions have yet to be fully felt by consumers, as retail stations have largely maintained pump prices due to supply chain dynamics and mark-up margins by independent marketers.
Industry observers say this latest cut could pressure marketers to adjust retail prices downward, especially if further reductions follow in the coming weeks.
The Dangote Refinery, which began operations earlier this year, has emerged as a major player in the country’s downstream oil sector and is expected to significantly reduce Nigeria’s reliance on fuel imports. The refinery has also pledged to introduce competitive pricing as local refining capacity improves.
Despite these price cuts at the ex-depot level, consumer advocates have urged regulatory agencies to monitor retail pricing closely to ensure that Nigerians benefit from the refinery’s pricing interventions.
Meanwhile, the Nigerian Institute of Policy and Strategic Studies (NIPSS) recently projected that petrol prices could fall to as low as N750 per litre before the end of 2025, provided supply constraints ease and the local refining ecosystem becomes fully operational.
