The Dangote Petroleum Refinery has once again reduced the price of Premium Motor Spirit (PMS), commonly known as petrol, to N825 per litre—down from its previous rate of N835 per litre. This marks the second price cut in recent weeks, offering a glimmer of relief to Nigerian consumers amid fluctuating fuel costs.
A Series of Price Reductions
Just weeks ago, on April 11, the refinery lowered its gantry price from N865 to N835 per litre. The latest reduction of N10 per litre, announced on Monday, brings the price to N825 per litre. Industry sources attribute this adjustment to a sharp decline in global crude oil prices, now below $64 per barrel, combined with renewed collaboration between the Dangote Group and the Nigerian National Petroleum Company Limited (NNPC).
The updated pricing was officially communicated to oil marketers and customers via a notice issued on Monday, 12 May.
Why This Matters for Nigeria
As Africa’s largest oil producer, Nigeria has historically relied on imported refined petroleum products, leading to price volatility. The Dangote Refinery, a game-changer in local refining capacity, aims to shift this dynamic. These price cuts not only ease the financial strain on consumers but also highlight the refinery’s growing role in stabilizing the domestic fuel market.
Looking Ahead
With global crude oil prices trending downward, further reductions could be in store. The strengthened partnership between Dangote and NNPC may also streamline supply chains, fostering more consistent pricing. For now, consumers can enjoy this respite, though experts warn that global market shifts remain unpredictable.
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