The Dangote Petroleum Refinery has announced a reduction in the ex-depot price of Premium Motor Spirit (PMS), lowering the gantry rate from N877 to N828 per litre. The new price took effect on Friday and marks the refinery’s second downward adjustment in three months.
Fuel marketers confirmed the development, noting that the reduction may translate to lower pump prices across the country once major depot operators and retail outlets adjust their pricing templates.
“Dangote has reviewed its ex-depot price downward to N828 per litre,” a fuel marketer told our correspondent on Friday. The Major Energies Marketers Association of Nigeria (MEMAN) also reflected the new rate in its latest pricing bulletin.
However, market checks showed that only MRS Oil had begun dispensing petrol at the revised rate of N870 per litre at its depot, while most other depots were still selling at previous price levels. As a result, retail pump prices across states have yet to see significant changes.
Latest market data indicates that the 30-day moving average price of petrol now stands at around N824.10 per litre when insurance, logistics, financing and port charges are factored in. Meanwhile, spot cargoes from ASPAM and NPSC–NOJ are quoted slightly above Dangote’s revised rate at about N831 per litre.
The price relief for petrol contrasts with rising prices of other petroleum products. Diesel is currently selling at N950 per litre from the refinery, and aviation fuel at N1,025.77 per litre. Nationwide depot prices for diesel have also surged to an average of N983 per litre from last week’s N919.
On a positive note, the price of Liquefied Petroleum Gas (LPG) remains stable at N15,000 per metric tonne, offering some cushion for households and small businesses managing high energy costs.
Reacting to the price adjustment, the Chief Executive Officer of Petroleumprice.ng, Olatide Jeremiah, said the move signals the refinery’s effort to stabilize the domestic market.
“This reduction is encouraging at a time Nigerians are dealing with rising living costs. It reinforces confidence that Dangote Refinery is responsive to market pressures and consumer concerns,” he noted.
The new pricing comes as Nigerians continue to face higher transportation and food costs, intensifying public expectations that local refining will gradually ease the burden of energy inflation.
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