Dangote Refinery has reduced the ex-depot price of Premium Motor Spirit (PMS) to N835 per litre, marking its third price cut in six weeks. This adjustment follows a decrease in international crude oil prices and aims to alleviate transportation costs and benefit Nigerian consumers.
Dangote Petroleum Refinery has once again adjusted the ex-depot price of Premium Motor Spirit (PMS), reducing it to ₦835 per litre. This marks the third price drop in under six weeks by the facility as it continues efforts to stabilize local fuel prices and challenge the dominance of imported petroleum products.
Industry sources confirmed that this latest price reduction follows a ₦15 cut implemented earlier and represents a ₦30 decrease from last week's rate of ₦865. When compared to the previous benchmark of ₦880 per litre recorded two weeks ago, the total drop amounts to ₦45—roughly a 5% decline overall.
A notice circulated to major marketers early Wednesday detailed the revised pricing structure, which includes charges from the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA). Analysts interpret this move as a strategic push by Dangote to undercut imported fuel alternatives and provide much-needed relief to businesses and consumers grappling with inflation.
This development coincides with a recent dip in the landing cost of imported petrol, which has fallen to ₦853 per litre. Meanwhile, fresh import approvals for over 150 million litres of petrol suggest a potentially more competitive market on the horizon.
