Dangote Petroleum Refinery has reduced its ex-gantry price of Premium Motor Spirit to N1,075 per litre from N1,125, marking the second N50 cut in seven days to boost competition and accessibility in Nigeria’s downstream sector.
Dangote Petroleum Refinery on Thursday announced a further reduction in the ex-gantry price of Premium Motor Spirit, popularly known as petrol, from N1,125 per litre to N1,075 per litre across its facilities.
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The latest N50, or 4.4 percent, cut represents the second price adjustment within seven days, following an earlier reduction from N1,175 to N1,125 per litre.
The refinery simultaneously aligned its coastal loading price with the new ex-gantry rate at N1,075 per litre, eliminating previous differentials.
A senior official of the refinery, speaking on condition of anonymity, confirmed the changes took immediate effect as part of efforts to enhance accessibility and competitiveness.
“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,” the official said.
In a significant market-opening gesture, the refinery suspended its previous 20-member consortium arrangement, now allowing all qualified marketers who meet requirements to load products at both gantry and coastal terminals. This move aims to deepen distribution and ensure seamless supply nationwide.
The price relief is expected to encourage filling stations sourcing directly from the refinery to adjust pump prices downward in the coming days, delivering tangible benefits to Nigerian consumers amid deregulation.
The development aligns with statements from Minister of State for Petroleum Resources (Oil), Heineken Lokpobiri, who emphasised that fuel prices in a deregulated market are determined by competition and market forces rather than government directives.
The Nigerian Midstream and Downstream Petroleum Regulatory Authority and the Federal Competition and Consumer Protection Commission have similarly stressed the importance of cost-reflective pricing, fair competition, and protection against profiteering.
Since commencing large-scale domestic petrol supply, Dangote Refinery has implemented successive N50 reductions, reinforcing its role in improving energy security and market dynamics.
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This latest cut comes as a welcome development for motorists and businesses facing high energy costs, highlighting the positive impact of increased local refining capacity on everyday lives.
Victory Emmanuel is a journalist and contributor to Freelanews.com, covering news, business, and public affairs.
