The Dangote Petroleum Refinery has announced another reduction in the ex-depot price of Premium Motor Spirit (PMS), lowering the cost from ₦1,125 to ₦1,075 per litre.
The fresh ₦50 cut, is expected to influence fuel prices across the retail market as marketers adjust to the new wholesale rate.
The latest reduction comes only days after the refinery lowered the same product from ₦1,175 to ₦1,125 per litre, making it the second downward review within one week.
Industry monitoring platform petroleumprice.ng also updated its records to reflect the refinery’s revised ex-depot price of ₦1,075 per litre.
The reduction is likely to trigger another round of price adjustments at filling stations, particularly those that purchase petrol directly from the Dangote refinery.
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The development adds to increasing competition in Nigeria’s downstream petroleum market as local refining continues to expand.
Earlier this week, Heineken Lokpobiri, Minister of State for Petroleum Resources (Oil), said the Federal Government would no longer determine petrol prices under the country’s deregulated fuel market.
According to Lokpobiri, competition among refiners and marketers, rather than government intervention, will shape future fuel prices.
He added that higher domestic refining capacity is expected to improve supply, strengthen energy security and encourage more competitive pricing for consumers.