Dangote Petroleum Refinery has reduced the gantry price of Premium Motor Spirit (PMS) by ₦25 per litre, bringing the ex-depot price down from ₦799 to ₦774 per litre.
The price adjustment was communicated to marketers in a notice issued by the Group Commercial Operations Department of Dangote Petroleum Refinery and Petrochemicals FZE, and takes immediate effect.
“This is to notify you of a change in our PMS gantry price from ₦799 per litre to ₦774 per litre,” the notice stated.
The refinery also informed marketers that its PMS lifting incentive has ended, noting that the price revision is expected to enhance the competitiveness of locally refined petroleum products.
Industry observers note that the reduction reflects ongoing adjustments in fuel pricing, largely influenced by exchange rate movements and global crude oil prices, among other factors.
Over the past year, the ex-depot price of PMS has fluctuated between ₦700 and over ₦800 per litre, with direct implications for pump prices nationwide.
The 650,000-barrel-per-day Dangote Refinery, Africa’s largest, commenced petrol supply in 2024. Earlier in January 2024, the facility began producing diesel and aviation fuel.
For years, Nigeria relied heavily on fuel imports and subsidies, which placed immense pressure on foreign exchange reserves amid declining oil revenues and persistent FX shortages. Since assuming office in May 2023, President Bola Tinubu has implemented sweeping reforms, including the removal of fuel subsidies and the floating of the naira, aimed at attracting foreign investment and promoting long-term economic growth.
However, in the short term, fuel prices have more than doubled, contributing to rising living costs, with inflation reaching a three-decade high of 34 per cent in June 2024.
