The Dangote Petroleum Refinery on Thursday announced a major reduction in the ex-depot price of Premium Motor Spirit (PMS), slashing the rate from ₦828 to ₦699 per litre a significant adjustment that has ignited fresh optimism across Nigeria’s energy and transportation sectors.
The price cut, amounting to a ₦129 drop, is one of the refinery’s most impactful interventions since it commenced automotive fuel supply earlier this year. Industry watchers say the new pricing is expected to ease pressure on fuel marketers and could trigger lower pump prices at filling stations nationwide.
In a statement, the refinery’s management confirmed that the new ex-depot price takes immediate effect as part of a broader strategy to stabilise domestic fuel supply, strengthen market competition and make petrol more affordable for citizens.
Independent petroleum marketers and depot operators have welcomed the announcement, calling it a “bold and market-disruptive move” that will compel downward adjustments across the distribution chain.
For millions of Nigerians battling rising living costs, the news comes as a significant relief. Commuters and transport operators say a sustained reduction at the pump would dramatically ease financial pressure.
If the new price is maintained across retail outlets, analysts predict that Nigerians will enjoy a smoother and more affordable festive season, with transportation costs expected to drop sharply in the weeks ahead.
The Dangote Refinery, regarded as Africa’s most ambitious industrial complex, continues to position itself as a transformative force in Nigeria’s energy landscape by reducing reliance on imported fuel, expanding domestic supply and prioritising consumer-friendly pricing.
As the market adjusts to the new development, citizens are hopeful that the price slash marks the beginning of a more stable, affordable and efficient petroleum supply regime.
