Dangote Petroleum Refinery & Petrochemicals has announced a reduction in its retail price for Premium Motor Spirit (PMS), commonly referred to as petrol, bringing it down to ₦1,200 per litre. This change reflects a substantial decrease of up to ₦150 per litre.
In addition, the refinery has lowered its coastal selling price to ₦1,153 per litre, indicating a comprehensive reassessment of its pricing strategy.
Before this adjustment, the gantry prices were between ₦1,300 and ₦1,350 per litre, making this particular price drop one of the most significant in recent weeks.
This decision is noteworthy given the ongoing tensions in the Middle East, which have been putting upward pressure on global oil prices.
Industry analysts suggest that this price reduction has the potential to affect fuel pricing throughout the downstream sector, especially at distribution depots and retail locations, potentially leading to lower pump prices across the country.
This development is also viewed as a tactical move to strengthen competitiveness, reduce supply costs, and maintain market share within Nigeria’s dynamic oil market.
Market participants are keenly observing how quickly this price change will be reflected in retail prices and whether it leads to relief for consumers nationwide.
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