In a significant development for Nigeria’s downstream petroleum sector, the Dangote Petroleum Refinery & Petrochemicals has announced a reduction in its gantry price for Premium Motor Spirit (PMS), commonly known as petrol, by N75, bringing the new price to N1,200 per litre.
The disclosure was made by the spokesperson of the Dangote Group, Anthony Chiejina, who confirmed that the refinery has also adjusted its coastal price to N1,153 per litre.
According to Chiejina, the price review comes against the backdrop of persistent geopolitical tensions in the Middle East, which continue to exert pressure on global crude oil prices and supply dynamics. Despite these external challenges, the refinery has opted for a downward price adjustment, signaling a strategic effort to stabilize domestic fuel costs.
He noted that the revised pricing structure is expected to have a ripple effect across Nigeria’s fuel distribution chain. This includes potential reductions in depot prices and eventual adjustments at retail outlets, offering some relief to consumers and businesses grappling with high energy costs.
Industry analysts say the move underscores the growing influence of the Dangote Refinery in shaping local fuel pricing, especially as Nigeria continues its transition towards increased domestic refining capacity.
The price cut is also seen as a proactive response aimed at enhancing market competitiveness and ensuring steady product availability.
Stakeholders will be closely monitoring how the adjustment impacts pump prices nationwide in the coming days, particularly as marketers respond to the new pricing benchmark set by the refinery.
The development marks yet another milestone in the refinery’s operational strategy, reinforcing its role as a key player in Nigeria’s energy landscape.
