Dangote Petroleum Refinery has reduced the gantry price of Premium Motor Spirit, PMS, cutting the ex-depot rate by ₦25 per litre.
The change was conveyed to marketers in a notice issued on Tuesday, February 10, by the Group Commercial Operations Department of Dangote Petroleum Refinery and Petrochemicals FZE, and took effect immediately.
“This is to notify you of a change in our PMS gantry price from ₦799 per litre to ₦774 per litre,” the notice read.
The refinery also informed marketers that the PMS lifting incentive previously in place had expired, noting that the new pricing was expected to boost the competitiveness of locally refined petrol.
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Industry observers view the latest price cut as part of a broader pattern of adjustments in the downstream sector, driven largely by fluctuations in the exchange rate and movements in global crude oil prices.
Over the past year, the ex-depot cost of PMS has oscillated between around ₦700 and above ₦800 per litre, with pump prices rising or falling accordingly across the country.
The Dangote refinery, which has a processing capacity of 650,000 barrels per day and is the largest in Africa, began supplying petrol to the domestic market in 2024.
Earlier, in January 2024, the facility owned by Nigerian businessman Aliko Dangote commenced production of diesel and aviation fuel, marking a major milestone in Nigeria’s push towards local refining.