The Dangote Petroleum Refinery has again lowered the price of Premium Motor Spirit (PMS), also known as petrol, to ₦835 per litre. This represents a ₦30 reduction from the previous price of ₦865, and a 3.5% drop overall. The move is part of the refinery’s effort to reflect current market conditions and ease the burden on consumers.
The latest price cut is influenced by a drop in global crude oil prices, which have recently fallen to around $64 per barrel from over $70. As a result, the refinery has adjusted its ex-depot price accordingly. This is the second such reduction in less than a week, signaling the refinery’s responsiveness to international oil trends.
Despite earlier reductions, many retail marketers did not immediately adjust pump prices to reflect the changes. However, with this latest development, key marketing partners such as MRS, Ardova Plc, Heyden, Optima Energy, Hyde, and Tecno Oil are expected to revise their prices downward in the coming days.
The Dangote Refinery, with its 650,000-barrel-per-day capacity, remains a key player in Nigeria’s energy sector. Its pricing decisions continue to influence market dynamics, and the recent cut is expected to bring relief to consumers, particularly in transportation and logistics, where fuel prices significantly impact costs.
