In a fresh move to ease fuel costs for Nigerians, the Dangote Refinery has further slashed its ex-depot price of Premium Motor Spirit (PMS) to ₦835 per litre. This marks the third downward adjustment in less than six weeks and reflects a clear effort to position itself as a market stabilizer in Nigeria’s volatile fuel landscape.
The new rate represents a ₦30 cut from the ₦865 per litre price implemented just six days ago, and a total reduction of ₦45 from the ₦880 per litre price recorded last Wednesday. The latest cut translates to an approximate 3.5% drop, signaling an aggressive pricing strategy to undercut the competition and provide relief for downstream retailers and consumers alike.
Industry watchers say the move could prompt rival importers and marketers to review their prices and may set a precedent for more competitive pricing in the downstream oil sector.
The price reduction also aligns with broader government efforts to support local refining and lessen the impact of global oil market fluctuations on domestic fuel prices. As petrol marketers prepare to reflect the new rates at the pump, Nigerians are hopeful this will translate into tangible savings in the days ahead.
