Dangote Petroleum Refinery has reduced its gantry price for Premium Motor Spirit (PMS), popularly known as petrol, to ₦1,175 per litre, offering a measure of relief to marketers and consumers amid persistent volatility in the downstream oil sector.The latest adjustment represents a reduction from the refinery’s previous price and is expected to influence retail pump prices across various parts of the country.
Industry stakeholders said the price review could ease pressure on fuel distributors and potentially lower transportation and logistics costs if the reduction is passed on to end users.The refinery’s pricing decisions have increasingly shaped Nigeria’s petroleum market since the commencement of domestic petrol production, with marketers closely monitoring developments at the Lekki-based facility.
According to market observers, the new ex-depot price may trigger competitive responses from other suppliers and independent marketers seeking to maintain market share.The development comes amid ongoing fluctuations in global crude oil prices and efforts to stabilise the local fuel market following the deregulation of the downstream sector.
Dangote Refinery has in recent months implemented several price adjustments in response to changing market conditions, including movements in international oil prices and operational considerations within the domestic supply chain.The refinery’s latest price reduction is expected to be welcomed by consumers, many of whom have continued to grapple with the rising cost of living and high transportation expenses.
Analysts, however, noted that the extent to which the reduction impacts pump prices nationwide will depend on factors such as distribution costs, marketers’ margins and regional supply dynamics.
