Again, Dangote Refinery Slashes Petrol Price

Dangote Petroleum Refinery has reduced the gantry price of Premium Motor Spirit (PMS) by N25 per litre, bringing the ex-depot rate down from N799 to N774 with immediate effect.

Grassroots Parrot reports that the adjustment was announced in a notice to marketers by the refinery’s Group Commercial Operations Department, which also stated that its PMS lifting incentive has ended.

The company said the price cut is aimed at boosting the competitiveness of locally refined petroleum products.

The latest reduction reflects ongoing fluctuations in market conditions, particularly exchange rates and global crude oil prices.

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Over the past year, ex-depot petrol prices have ranged between about N700 and above N800 per litre, influencing pump prices nationwide.

The 650,000-barrel-per-day Dangote Refinery — the largest in Africa — began supplying petrol in 2024 after earlier commencing diesel and aviation fuel production.

Nigeria’s downstream sector has been under pressure following the removal of fuel subsidies and the floating of the naira under President Bola Tinubu’s reforms.

While the policies are intended to stabilise the economy long term, they have led to sharp increases in fuel prices and inflation in the short term.