Dangote Refinery Slashes Petrol Price to ₦1,075/Litre, Opens Sales to All Marketers

Dangote Petroleum Refinery has significantly cut the ex-depot price of its Premium Motor Spirit (PMS), commonly known as petrol, to ₦1,075 per litre. This reduction from the previous ₦1,125 per litre is expected to drive further price decreases across Nigeria's downstream petroleum sector.

The refinery has also adjusted its coastal loading price to ₦1,075 per litre. In a strategic shift, it has suspended its consortium marketing arrangement, opening its petrol loading facilities to all qualified marketers. This move is intended to enhance the competitiveness of locally refined petrol against imported products and broaden supply access for marketers nationwide.

Industry insiders suggest this decision will foster greater competition within the downstream sector, leading to improved product availability and distribution across the country. The price adjustment aligns with the Federal Government's and the Nigerian Midstream and Downstream Petroleum Regulatory Authority's calls for domestic fuel prices to reflect current international market conditions under the deregulated framework.

Stakeholders anticipate that this new pricing will put pressure on fuel importers and private depot owners to lower their prices to remain competitive. If marketers pass these savings on to consumers, it could result in lower pump prices for motorists. The Dangote Refinery's pricing decisions are increasingly setting a benchmark in Nigeria's downstream petroleum market, influencing other suppliers.