Dangote Petroleum Refinery has reduced its ex-depot price of Premium Motor Spirit (petrol) from ₦1,125 per litre to ₦1,075 per litre, marking another downward adjustment within one week.
The latest reduction represents a ₦50 decrease, or about 4.4 per cent, and is expected to further heighten competition in Nigeria’s downstream petroleum sector.
This is the second price cut in seven days, following an earlier reduction from ₦1,175 to ₦1,125 per litre. The refinery also adjusted its coastal loading price to ₦1,075 per litre, removing the previous price difference between gantry and coastal sales.
A senior official of the refinery confirmed that the new pricing took effect immediately, noting that the adjustment is aimed at improving accessibility and competitiveness in product distribution.
The official also disclosed that the refinery has suspended its 20-member consortium arrangement, allowing all qualified marketers to access product loading at both gantry and coastal terminals.
According to the statement, the goal is to deepen market access and ensure more efficient nationwide distribution of petroleum products.
Industry observers say the latest price cut could lead to a reduction in pump prices in the coming days, particularly among marketers who source directly from the refinery.
The development comes amid ongoing deregulation of Nigeria’s downstream petroleum sector, with government officials maintaining that market forces will continue to determine fuel prices.
Regulators, including the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) and the Federal Competition and Consumer Protection Commission (FCCPC), have reiterated that pricing must remain competitive and transparent to benefit consumers.
