In a significant development poised to impact the nation’s energy market, the Dangote Petroleum Refinery has announced a nationwide reduction in the pump price of Premium Motor Spirit (PMS), commonly known as petrol. The price slash, effective immediately, lowers the cost of petrol by N15 across all states.
With this adjustment, new prices now range between N875 and N905 per litre, depending on the region. The variation is attributed to logistics and distribution factors affecting different parts of the country.
This marks the first major price review by the $19 billion Lagos-based refinery, which began supplying petroleum products earlier this year in a move to bolster Nigeria’s energy independence and reduce reliance on imports.
The reduction has been hailed by stakeholders and fuel marketers, many of whom see it as a potential relief for millions of Nigerians grappling with inflation and high living costs. Consumers and transport operators across the country have also expressed optimism that the price cut may lead to lower transport fares and reduced cost of goods and services.
As the largest single-train refinery in the world, the Dangote facility is expected to play a central role in stabilizing fuel supply and pricing in Nigeria. Industry experts believe this move may prompt further pricing competition and reform in the downstream petroleum sector.
More updates to follow.
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