In a move welcomed by many Nigerians grappling with the rising cost of living, the Dangote Petroleum Refinery has announced a downward review of its ex-depot price for Premium Motor Spirit (PMS), also known as petrol. Effective on Thursday, the refinery will sell petrol at ₦890 per litre to bulk buyers, a reduction from its previous price of ₦950 per litre.
According to a statement from the refinery’s management, the new pricing structure is designed to bring some relief to fuel marketers and end-users, while also supporting the federal government’s broader economic recovery agenda. The refinery, which is one of the largest in Africa, said the adjusted price will vary across regions, with Lagos residents expected to purchase at ₦860 per litre, while prices in the South-West, North, South-South, and South-East will range between ₦870 and ₦890.
This development comes amid growing concerns about the high cost of petroleum products in the country, following the removal of fuel subsidies and fluctuations in international crude oil prices. The Dangote Refinery assured Nigerians of its commitment to producing high-quality fuel products and maintaining a steady supply to prevent scarcity and price volatility.
Industry experts have hailed the price reduction as a positive step toward stabilizing the domestic fuel market and reducing inflationary pressures. However, they also called for the government to enhance the regulatory framework and provide better infrastructure to support downstream distribution efficiency.