Dangote Refinery has slashed the ex-depot price of Premium Motor Spirit (PMS) by N25 per litre, bringing it down to N774.
The reduction takes effect immediately, the company confirmed.
The announcement came through a notice from the Group Commercial Operations Department of Dangote Petroleum Refinery and Petrochemicals FZE.
Marketers were informed that the lifting incentive on PMS had ended.
The adjustment aims to boost the competitiveness of locally refined fuel. Industry observers said petrol pricing is largely influenced by global crude oil rates and currency fluctuations.
Last year, Nigeria’s ex-depot petrol price fluctuated between N700 and over N800 per litre.
These changes directly impacted pump prices across the country.
Africa’s largest refinery, Dangote Refinery, has a capacity of 650,000 barrels per day.
It began delivering petrol in 2024, shortly after starting diesel and aviation fuel production.
Nigeria has historically imported subsidized fuel, creating pressure on foreign reserves. Fuel subsidies drained billions of dollars, worsening the country’s economic vulnerability amid declining oil revenues.
Since taking office in May 2023, President Bola Tinubu ended fuel subsidies and floated the naira.
His reforms aim to attract investment and encourage sustainable growth.
However, these economic changes caused domestic fuel prices to double in the short term.
Inflation surged to a 34-year high of 34 percent in June 2024, affecting household budgets nationwide.
Dangote Refinery’s price cut is expected to provide some relief for consumers. Analysts noted that local refining capacity and policy reforms could gradually stabilize petrol costs in Nigeria.
