Dangote Petroleum Refinery and Petrochemicals has announced another reduction in the ex-depot price of Premium Motor Spirit (PMS), commonly known as petrol, marking its second price cut this month.

The latest adjustment reduces the price by N65, bringing it down from N890 to N825 per litre at the gantry. This follows an earlier N60 reduction on February 1, resulting in a total price drop of N125 per litre since January, when it stood at N950.

The Independent Petroleum Marketers Association of Nigeria (IPMAN) welcomed the reduction, calling it a positive step for consumers and a win for deregulation. However, the association also raised concerns about potential losses for marketers who bought fuel at higher prices before the adjustment.

Petrol Prices Across Regions

According to a statement from Dangote Refinery, the price cut will lower pump prices to between N860 and N865 per litre in Lagos. Prices will vary across the country as follows:

• MRS Stations:
  • Lagos – N860 per litre
  • South-West – N870 per litre
  • North – N880 per litre
  • South-South/South-East – N890 per litre
• AP (Ardova Petroleum) & Heyden Stations:
  • Lagos – N865 per litre
  • South-West – N875 per litre
  • North – N885 per litre
  • South-South/South-East – N895 per litre

Dangote Refinery said the price reduction is part of a strategic effort to ease financial pressure on Nigerians, especially during Ramadan, while also supporting President Bola Tinubu’s economic recovery policies.

With 500 million litres of PMS in stock, the refinery assured Nigerians of a steady fuel supply nationwide and a surplus for export, which will help boost foreign exchange earnings.

During a visit by a delegation from Zambia, Edwin Devakumar, Vice President of Dangote Industries Limited, said the refinery aims to process a variety of African and Middle Eastern crude oils to maintain flexibility in operations.

Despite the financial concerns raised by petroleum marketers, the latest price reduction signals a shift towards competitive pricing in Nigeria’s deregulated fuel market.