Dangote Refinery has cut the ex-depot price of Premium Motor Spirit (PMS) by N25 per litre, bringing it down from N799 to N774 per litre, the company announced on Tuesday.
The adjustment, communicated through a notice from the Group Commercial Operations Department of Dangote Petroleum Refinery and Petrochemicals FZE, takes immediate effect. The refinery said the reduction follows the end of its PMS lifting incentive and is aimed at enhancing the competitiveness of locally refined fuel.
Observers said the move comes amid ongoing fluctuations in global crude oil prices and exchange rate pressures, which have previously pushed ex-depot PMS prices above N800 per litre.
Africa’s largest refinery, with a 650,000-barrel-per-day capacity, began delivering petrol in 2024. It also produces diesel and aviation fuel, helping Nigeria reduce reliance on imported refined products, which historically strained the country’s foreign exchange reserves through heavy subsidies.
Since taking office in May 2023, President Bola Tinubu has ended long-standing fuel subsidies and floated the naira in a bid to attract foreign investment and stimulate economic growth. While these reforms initially pushed fuel prices higher, leading to inflation of 34 percent in June 2024, Dangote’s latest price cut offers immediate succour to motorists and households grappling with high energy costs.
The refinery emphasized that the reduction reflects its commitment to supporting the domestic fuel market and easing the cost burden on Nigerian consumers and businesses.
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