In a major move set to impact fuel prices across Nigeria, Dangote Petroleum Refinery has announced a significant reduction in the ex-depot (gantry) price of Premium Motor Spirit (PMS), commonly known as petrol. The price has been slashed by ₦65 per litre, bringing it down from ₦890 to ₦825 per litre.
The new pricing structure, which takes effect from February 27, 2025, is expected to bring some relief to motorists and businesses grappling with high fuel costs. The adjustment comes as part of efforts to stabilize the petroleum market and ease economic pressure on Nigerians.
Following the price reduction at the refinery, MRS filling stations, a key distributor of Dangote Refinery products, have adjusted their pump prices accordingly. The revised prices across different regions are as follows:
- Lagos: ₦860 per litre
- South-West: ₦870 per litre
- North: ₦880 per litre
- South-South & South-East: ₦890 per litre
This move by Dangote Refinery, Africa’s largest oil refinery, underscores its growing influence on Nigeria’s downstream petroleum sector. Analysts believe the price cut could trigger similar reductions by other fuel marketers, leading to a more competitive pricing environment.
Since commencing operations, Dangote Refinery has been a game-changer in Nigeria’s energy landscape, reducing dependence on imported fuel and contributing to price stability. With its latest adjustment, consumers are hopeful that further price reductions may follow as the refinery ramps up production capacity.
Market observers will be closely monitoring the response from other players in the industry, as well as the potential impact on transportation costs and inflation rates.
