Dangote Petroleum Refinery has cut the gantry price of Premium Motor Spirit (PMS) to ₦835 per litre, down from ₦865.
This marks a 3.5 per cent reduction, following a steady drop in global crude oil prices, now hovering around $64 per barrel from over $70 in recent weeks.
The 3.5 per cent reduction was confirmed by First News on Petroleumprice.ng. This comes amid a drop in global crude oil prices, which have declined from over $70 to around $64 per barrel in recent weeks. The refinery attributed the price review to this downward trend in international oil markets.
This marks the second price cut in less than a month. In March, Dangote Refinery had lowered the price from ₦880 to ₦865 per litre.
However, oil marketers were criticised for failing to pass on the savings to motorists and end users, leaving the pump price largely unchanged at most filling stations across the country.
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The 650,000 barrels per day refinery, hailed as Africa’s largest single-train refinery, is a privately owned facility located in Ibeju-Lekki, Lagos.
It began supplying diesel and aviation fuel to the domestic market earlier this year, and in April, it commenced the sale of petrol to independent and major marketers.
Dangote’s move is part of efforts to ease Nigeria’s post-subsidy fuel burden, after the federal government removed subsidies in May 2023, leading to a sharp rise in petrol prices. Since then, Nigerians have grappled with higher transport fares, increased inflation, and cost-of-living pressures.
As of the time of filing this report, it remains unclear whether marketers will reflect the new gantry price at the pump.
However, the Dangote Group insists it is committed to ensuring fuel affordability and supply stability across the country.