Dangote Petroleum Refinery Reduces Premium Motor Spirit Price by N25 per Litre

Dangote Petroleum Refinery has announced a reduction in the price of Premium Motor Spirit (PMS) at its gantry, lowering the ex-depot rate from N799 to N774 per litre.

The company notified marketers of the new pricing on Tuesday, confirming that the adjustment is effective immediately across the country.

In a statement, the refinery explained that the price reduction enhances the competitiveness of domestically refined petrol, noting that the current landed cost of imported PMS from Lome is approximately N793 per litre. With the new ex-depot rate of N774, locally refined petrol is now more affordable than imported alternatives.

This price adjustment follows a recent increase two weeks ago, when the refinery raised the ex-gantry price from N699 to N799 per litre. At that time, MRS Oil Nigeria Plc outlets sold petrol at N839 per litre nationwide. The earlier surge was attributed to a temporary festive price support initiative, implemented to mitigate the economic impact of the holiday season and heightened household spending.

During the intervention, Dangote Refinery absorbed significant costs to promote market stability and affordability. The company emphasized that the recent price cut aims to support the long-term sustainability, affordability, and stability of Nigeria’s downstream petroleum market.