In a significant move for Nigeria’s fuel market, the Dangote Refinery has reduced the price of Premium Motor Spirit, commonly known as petrol, by 49 naira per litre. The refinery now sells the product at 828 naira per litre, down from its previous price of 877 naira.
This price reduction, which represents a 5.6 percent decrease, took effect on Friday. It marks the refinery’s second major price adjustment in three months, a response to shifting global oil trends and efforts to stabilise the domestic supply of fuel.
The new pricing was confirmed to journalists by a fuel marketer and was also reflected in the daily energy bulletin published by the Major Energies Marketers Association of Nigeria.
“Dangote has reduced gantry price from N877 per litre to N828 per litre,” a marketer confirmed.
As a result of this change, investigations revealed that MRS Oil now sells petrol at 870 naira per litre in the parallel depot market. However, other major depots have not yet adjusted their prices to match the new benchmark set by Dangote.
This drop in the price of petrol comes even as the refinery increased the cost of other key fuels. Data showed that the price of diesel was raised, and it continues to rise across the country. Aviation fuel also saw a sharp price increase.
The Chief Executive Officer of Petroleumprice.ng, Olatide Jeremiah, said the price adjustment on petrol demonstrated the refinery’s commitment to ensuring the availability and affordability of petroleum products.
He said, “This 5 per cent reduction from 877 to 828 is a welcome development as it will give confidence to Nigerians that the Refinery has the mandate to deliver availability and affordability of petroleum products amid the 15 per cent tariff debate.”
The move offers a measure of relief to consumers and businesses amidst ongoing concerns about the cost of living and rising operational expenses.
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