Dangote Petroleum Refinery has reduced the gantry price of Premium Motor Spirit (PMS) by N25 per litre, bringing the ex-depot rate down from N799 to N774 per litre.
The adjustment was announced in a notice issued to marketers by the Group Commercial Operations Department of Dangote Petroleum Refinery and Petrochemicals FZE, stating that the new price takes immediate effect.
“This is to notify you of a change in our PMS gantry price from N799 per litre to N774 per litre,” the notice read.
The refinery also informed marketers that its PMS lifting incentive has ended, noting that the price review is expected to enhance the competitiveness of locally refined petroleum products.
Industry observers attribute the continued adjustments in PMS prices to factors such as exchange rate fluctuations and global crude oil prices.
In 2024, the ex-depot price ranged between N700 and over N800 per litre, directly impacting pump prices nationwide.
The 650,000-barrels-per-day Dangote Refinery, Africa’s largest, commenced petrol supply in 2024 after beginning production of diesel and aviation fuel in January of that year.
Nigeria had for years relied heavily on fuel imports and subsidies, which significantly strained foreign exchange reserves amid declining oil revenues.
Since assuming office in May 2023, President Bola Ahmed Tinubu has removed fuel subsidies and floated the naira as part of broader economic reforms aimed at attracting investment and promoting long-term growth.
However, the reforms have led to higher fuel prices and rising inflation, which peaked at 34 percent in June 2024.
