Dangote Petroleum Refinery has slashed the ex-depot price of Premium Motor Spirit, PMS, also known as petrol, to ₦1,075 per litre, from ₦1,125 per litre, in a move expected to trigger another round of price reductions across Nigeria’s downstream petroleum market.
The refinery also aligned its coastal loading price at ₦1,075 per litre and suspended its consortium marketing arrangement, effectively opening petrol loading at its gantry to all qualified marketers.
The suspended consortium comprised NIPCO Plc/11 Plc, MRS, TotalEnergies, Conoil, AA Rano, AYM Shafa, Rainoil/Eterna, Ardova Plc, NNPC Retail and other participating marketers.
Industry sources said the latest decision is aimed at making locally refined petrol more competitive than imported products, while broadening access to supplies for marketers nationwide.
According to the sources, opening product loading to all qualified marketers is expected to deepen competition in the downstream sector, improve product availability and enhance distribution across the country.
The latest reduction comes amid declining global crude oil prices and follows calls by the Federal Government and the Nigerian Midstream and Downstream Petroleum Regulatory Authority, NMDPRA, for domestic petroleum product prices to reflect prevailing international market conditions under the deregulated regime.
Stakeholders said the new pricing would increase pressure on fuel importers and private depot owners, many of whom are expected to review their prices downward to remain competitive.
They added that the development could also lead to fresh reductions in depot prices and, ultimately, lower pump prices for motorists if marketers pass the savings on to consumers.
The latest adjustment further strengthens Dangote Refinery’s growing influence on Nigeria’s downstream petroleum market, where its pricing decisions have increasingly become a benchmark for other suppliers.