Dangote refinery cuts petrol price by N50 again, now N1,075/litre

The Dangote Petroleum Refinery has again slashed the price of its Premium Motor Spirit (PMS), commonly known as petrol, by N50 per liter. The ex-gantry price has been reduced from N1,125 to N1,075 per liter, marking the second price adjustment within seven days. This latest reduction is expected to further intensify competition within Nigeria's downstream petroleum sector.

In a significant move to enhance market accessibility, the refinery has also aligned its coastal loading price with the ex-gantry price, setting both at N1,075 per liter. This eliminates the previous price difference between coastal and gantry sales. A senior refinery official, speaking anonymously, confirmed the immediate effect of the new pricing regime, stating it's part of efforts to make products more accessible and competitive.

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The refinery has reduced the ex-gantry price of PMS from N1,125 per litre to N1,075 per litre. The coastal loading price has also been adjusted to N1,075 per litre. This is part of the refinery’s efforts to make products more accessible and competitive in the market.

Furthermore, the refinery has canceled its 20-member consortium arrangement, opening product loading to all qualified marketers. "The objective is to deepen market access and ensure seamless distribution of products across the country," the source added. This development could compel other filling stations to lower their pump prices, especially those sourcing directly from the Dangote refinery.

The price reduction occurs amid increasing competition and the Federal Government's push for market-driven pricing in a deregulated petroleum sector. Minister of State for Petroleum Resources (Oil) Heineken Lokpobiri has emphasized that market forces, not government directives, should determine fuel prices in a deregulated environment, with increased domestic refining capacity expected to naturally lead to more competitive pricing and improved energy security.

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The consortium arrangement has been cancelled. Loading at both the gantry and coastal terminals is now open to all marketers who meet the necessary requirements. The objective is to deepen market access and ensure seamless distribution of products across the country.