Dangote Petroleum Refinery has announced another reduction in the ex-depot price of Premium Motor Spirit, PMS, commonly known as petrol, lowering it from N840 to N820 per litre with immediate effect.
The announcement, made via the refinery’s official X account on Tuesday, marks the second price reduction within nine days. This move reflects a deliberate strategy aimed at easing fuel costs and stabilizing Nigeria’s downstream petroleum sector.
Earlier, on July 1, the refinery had dropped the ex-depot price from N880 to N840 per litre, reversing a brief hike seen in late June.
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These consecutive reductions are intended to lower the procurement cost for fuel marketers, potentially leading to a drop in retail pump prices. This effort is part of a broader plan to reduce economic pressure on Nigerian consumers amid ongoing inflation and currency volatility.
Dangote Refinery’s pricing strategy highlights its growing influence in making fuel more affordable and improving energy security across Nigeria. By driving down costs, the refinery hopes to foster a more competitive and stable market that benefits millions dependent on petrol for transport, power, and small businesses.
Launched in 2023, the Dangote Petroleum Refinery in Lagos is Africa’s largest single-train refinery, with a daily processing capacity of 650,000 barrels of crude oil. Founded by Aliko Dangote, Africa’s richest man, the facility is a major step toward ending Nigeria’s reliance on imported refined petroleum products.
Despite vast crude oil reserves, Nigeria has long struggled with fuel shortages and price instability due to its limited refining capacity. The refinery aims to change that by enhancing self-sufficiency, ensuring consistent supply, and impacting the regional energy market.
These recent price cuts also reflect the refinery’s response to global oil price fluctuations, domestic economic realities, and public demand for affordable fuel, positioning it as a key player in Nigeria’s economic and energy reform efforts.
PMNEWS
