Dangote Petroleum Refinery has reduced the ex-depot price of Premium Motor Spirit (PMS), popularly known as petrol, from ₦799 to ₦774 per litre, representing a ₦25 decrease.
The new price took effect on February 10, according to a notice issued to petroleum marketers. The refinery said the adjustment was made in response to prevailing market conditions and is part of efforts to keep its pricing competitive in Nigeria’s deregulated downstream sector.
Industry analysts say the reduction places Dangote’s petrol below the estimated landing cost of imported PMS, potentially giving marketers a pricing advantage and encouraging greater reliance on locally refined products. The refinery’s pricing decisions are considered significant, as they often influence pump prices across the country.
The company also confirmed the discontinuation of its PMS lifting incentive scheme, noting that outstanding credits for products loaded within the incentive window will be processed accordingly.
With a refining capacity of 650,000 barrels per day, Dangote Refinery remains central to Nigeria’s push to reduce fuel imports, conserve foreign exchange and stabilise domestic supply. Market watchers say the impact of the latest reduction on retail pump prices will depend on how quickly marketers adjust their rates to reflect the lower ex-depot cost.
