Dangote Refinery Cuts Petrol Price To N1,250 Per Litre

The Dangote Petroleum Refinery has reduced the gantry price of Premium Motor Spirit (PMS), commonly known as petrol, to N1,250 per litre from N1,275 per litre, marking a two per cent decrease as competition intensifies in Nigeria’s deregulated downstream petroleum sector.

The latest price adjustment, confirmed by market checks, reflects the impact of declining crude oil prices in the international market and signals the refinery’s continued responsiveness to changing market conditions.

An official of the refinery confirmed the development, explaining that the reduction was driven primarily by lower crude oil prices, which constitute the major feedstock for petrol production.

“It is true that we have adjusted the gantry price of petrol due to the reduction in crude oil prices, which is our major feedstock.

In a deregulated market, such adjustments should be expected,” the official said.

The official added that the refinery would continue to monitor developments in the global energy market and adjust prices accordingly.

“We are still monitoring developments and will continue to adjust prices in line with market realities,” the source stated.

The reduction comes amid increasing competition among fuel suppliers following the deregulation of Nigeria’s downstream petroleum industry, which has encouraged market-driven pricing and heightened rivalry among refiners, importers and marketers.

Industry analysts believe the latest price cut could exert downward pressure on retail fuel prices across the country if marketers pass on the savings to consumers. However, checks across several filling stations indicate that many retail outlets have yet to reflect the new ex-depot price, with petrol still selling above N1,350 per litre in several locations depending on transportation costs, distribution margins and marketer pricing strategies.

The development is expected to be closely monitored by consumers and businesses, many of whom have continued to grapple with rising transportation and operating costs since the removal of fuel subsidies.

The latest reduction also reinforces Dangote Refinery’s growing influence on Nigeria’s energy market. Since commencing large-scale operations, the 650,000 barrels-per-day facility has increasingly shaped domestic fuel supply dynamics and pricing trends.