The Dangote Petroleum Refinery has reduced its ex-gantry price of Premium Motor Spirit (PMS), popularly known as petrol, from ₦1,125 per litre to ₦1,075 per litre.
The latest adjustment represents a ₦50, or 4.4 per cent, reduction from the previous price and is expected to further intensify competition in Nigeria’s downstream petroleum sector.
The reduction marks the refinery’s second price cut in seven days, following an earlier drop from ₦1,175 per litre to ₦1,125 per litre.
Findings by The Telegraph on Thursday also showed that the refinery has aligned its coastal loading price with the new ex-gantry rate at ₦1,075 per litre, effectively eliminating the previous price differential between coastal and gantry sales.
A senior official of the Dangote Petroleum Refinery, who requested anonymity because he was not authorised to speak publicly, confirmed that the new pricing took effect immediately.
“The refinery has reduced the ex-gantry price of PMS from ₦1,125 per litre to ₦1,075 per litre. The coastal loading price has also been adjusted to ₦1,075 per litre. This is part of the refinery’s efforts to make products more accessible and competitive in the market,” the official said.
The source also disclosed that the refinery had discontinued its 20-member consortium arrangement, allowing all qualified marketers to load products directly.
“The consortium arrangement has been cancelled. Loading at both the gantry and coastal terminals is now open to all marketers that meet the necessary requirements. The objective is to deepen market access and ensure seamless distribution of products across the country,” the official added.
Checks by The Telegraph on petroleumprice.ng also confirmed the new ex-depot price of ₦1,075 per litre at the Dangote refinery.
The latest reduction is expected to put downward pressure on retail pump prices in the coming days, particularly among filling stations sourcing products directly from the refinery.
The development comes amid growing competition in the downstream sector and renewed efforts by the Federal Government to ensure Nigerians benefit from the deregulation of the petroleum market.
Earlier this week, the Minister of State for Petroleum Resources (Oil), Heineken Lokpobiri, reiterated that fuel prices in a deregulated market would be determined by market forces and competition rather than government directives.
The minister maintained that the era of government-fixed fuel prices was over, arguing that increased domestic refining capacity would naturally encourage more competitive pricing and strengthen the country’s energy security.
Similarly, the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) has repeatedly maintained that petrol prices must remain cost-reflective under the deregulation regime.
The authority has also warned marketers against profiteering and arbitrary pricing, insisting that operators adhere to the principles of fair competition and transparency.
The Federal Competition and Consumer Protection Commission (FCCPC) has likewise advocated competitive market practices, stressing that consumers should benefit from lower prices resulting from improved supply conditions and increased competition.
The latest reduction adds to a series of ₦50 price cuts implemented by the Dangote refinery since it began large-scale domestic petrol supply.
