Dangote Petroleum Refinery has further reduced the ex-gantry price of Premium Motor Spirit (petrol) by N50 per litre, bringing the new rate to N1,075 from the previous N1,125.
This marks the second price cut by the refinery within a week, following an earlier reduction from N1,175 to N1,125 per litre. The refinery has also adjusted its coastal loading price to match the new ex-gantry rate at N1,075 per litre.
A senior official at the refinery confirmed that the revised pricing took immediate effect and that the previous 20-member consortium arrangement for product loading has been discontinued. Loading is now open to all qualified marketers who meet the required standards, with the aim of improving access and distribution efficiency across the country.
Growing Competition in Downstream Sector
The latest price reduction is expected to trigger further adjustments at retail outlets, particularly those sourcing directly from the refinery. It comes amid increasing competition in Nigeria’s deregulated petroleum market.
Minister of State for Petroleum Resources (Oil), Heineken Lokpobiri, had earlier stated that fuel prices should be guided by market forces and healthy competition rather than government directives, noting that the era of fixed pricing is over.
The Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) has also warned marketers against profiteering, insisting on fair competition and transparency. The Federal Competition and Consumer Protection Commission has similarly called for consumers to benefit from price reductions resulting from improved supply and stronger rivalry among operators.
The repeated cuts by Dangote Refinery reflect improving supply conditions and growing competition in the local fuel market, which could bring much-needed relief to motorists and businesses in the near term.
