The Dangote Petroleum Refinery has announced a further reduction in the ex-gantry price of Premium Motor Spirit (PMS), lowering it from ₦1,125 to ₦1,075 per litre. This latest adjustment, representing a ₦50 per litre decrease, marks the fourth price reduction in just one month and brings the cumulative decline to over ₦200 per litre since May 30, 2026. Beyond the price cut, the refinery has implemented a significant structural change by suspending its 20-member consortium arrangement, effectively opening product loading to all qualified oil marketers across the country. By bypassing previous distribution bottlenecks and aligning coastal loading prices with the ex-gantry rate, the refinery aims to deepen market competition, ensure seamless product accessibility, and discourage the reliance on imported fuel. While industry experts note that global crude oil price fluctuations have supported these adjustments, Dangote Refinery officials emphasized that their pricing strategy is anchored in actual production economics and inventory costs rather than short-term market volatility. This move is expected to exert downward pressure on pump prices nationwide, compelling retailers to pass the benefits of increased domestic refining capacity to consumers. As the government continues to champion full market deregulation, the refinery’s decision to liberalize its supply chain is viewed as a vital step toward stabilizing Nigeria’s energy sector and bolstering the economy through more competitive and transparent trade practices for all industry stakeholders.
