The Dangote Refinery has once again lowered the ex-depot price of Premium Motor Spirit (PMS), bringing it down to N835 per litre. This is the refinery’s second price cut in under a week, following a recent reduction from N880 to N865 per litre.
In a statement issued Wednesday, Anthony Chiejina, Chief Branding and Communications Officer at Dangote Group, confirmed that the new pricing structure would be applied across all partner retail outlets nationwide.
Regional Breakdown of New Pump Prices:
- Lagos: N890 per litre (previously N920)
- South-West: N900 per litre (previously N930)
- North-West & North-Central: N910 per litre (previously N940)
- South-East, South-South & North-East: N920 per litre (previously N950)
The company emphasized that the downward adjustment is part of its broader commitment to making fuel more affordable for Nigerian consumers.
Despite the refinery’s reductions, many petrol stations across the country have yet to adjust pump prices accordingly.
Ongoing Trend of Price Reductions
Earlier in February, the Dangote Refinery made two cuts amounting to N125 in response to market conditions. The latest moves align with the company’s strategy to make refined products accessible and to encourage competition with imported fuel.
According to market analysts, the price cuts are not only about market share but are also influenced by global factors. Crude oil prices have dipped by 13% this month, falling to about $64 per barrel, largely due to growing global trade tensions.
Why This Matters
The Dangote Refinery, with its impressive 650,000 barrels-per-day capacity, is seen as a game-changer for Nigeria’s energy sector. By refining locally, the plant is expected to lessen Nigeria’s reliance on imported fuel, stabilize domestic supply, and ease pressure on foreign exchange reserves.
Continued price adjustments by Dangote could help shield consumers from global oil market volatility, provided the savings are passed down to retail fuel buyers.
Government’s Efforts to Boost Local Sales
Earlier this month, the Federal Government reaffirmed its commitment to the Crude and Refined Product Sales in Naira policy. Officials from NNPC Limited, the Central Bank of Nigeria (CBN), the Nigerian Ports Authority (NPA), and Afreximbank met to discuss strategies for promoting domestic sales and reducing Nigeria’s forex vulnerabilities.
The sustained focus on local refining and naira-denominated trade aims to enhance Nigeria’s energy security and create a more resilient economy in the face of global uncertainties.