The Dangote Petroleum Refinery has reduced the price of petrol and diesel, offering potential relief to fuel marketers and consumers amid recent volatility in Nigeria’s fuel market.
According to a new pricing template released on Tuesday, the refinery cut the ex-gantry price of Premium Motor Spirit (PMS), commonly known as petrol, by ₦100, bringing the cost down from ₦1,175 to ₦1,075 per litre.
The refinery also adjusted the price for petrol supplied through coastal distribution to ₦1,050 per litre, reflecting the slight difference associated with maritime delivery costs.
In the same pricing review, the cost of Automotive Gas Oil (AGO), also known as diesel, was reduced to ₦1,430 per litre, representing a ₦190 drop from the previous ₦1,620 per litre.
The downward adjustment marks the first price reduction after several increases recorded in recent days, which had pushed depot prices significantly higher.
It is believed the latest move could ease pressure on bulk buyers and fuel marketers who had faced rising loading costs in the past week.The adjustment may also eventually reflect in pump prices at filling stations, depending on distribution costs and regulatory charges.
However, the refinery noted that the gantry prices announced do not include statutory charges imposed by the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), which could influence the final retail price consumers pay at filling stations.
The Dangote Refinery, located in the Lekki Free Trade Zone in Lagos, is currently the largest single-train refinery in the world with a refining capacity of about 650,000 barrels per day, and is expected to play a major role in stabilising Nigeria’s fuel supply and pricing dynamics.
