The Dangote Petroleum Refinery has implemented another significant reduction in the price of Premium Motor Spirit (PMS), commonly known as petrol. The refinery slashed its ex-depot, or gantry, price by N129, bringing it down from N828 to N699 per litre.
This adjustment, which took effect on December 11, represents a 15.58 per cent decrease. It marks the 20th price adjustment made by the refinery since it began domestic fuel sales earlier in the year.
The new benchmark price, confirmed by refinery officials and reflected on real-time market data platforms like Petroleumprice.ng, is set to influence pricing across the downstream sector.
Early market reactions show several private depots, including Sigmund Depot, Bulk Strategic, and TechnoOil, have begun adjusting their own ex-depot prices downward in response.
The reduction aligns with recent commitments made by the refinery’s Chairman, Aliko Dangote. Following a meeting with President Bola Tinubu last week, Dangote reiterated his commitment to keeping domestic fuel prices reasonable and competitive.
He cited increased production output, direct competition with imported products, and a reduction in cross-border smuggling as factors enabling the price cuts.
Dangote emphasised that the refinery’s pricing strategy is part of a long-term investment approach, rather than a short-term recoupment plan.
The persistent price gap between Nigeria and neighbouring countries, however, means smuggling activities have not been completely eliminated.
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