The Dangote Petroleum Refinery, Africa’s largest oil refining facility, has announced a significant reduction in the pump price of Premium Motor Spirit (PMS), commonly known as petrol, across Nigeria.
The new pricing structure, effective immediately, sees a uniform ₦15 per liter cut across all regions, offering relief to consumers amid rising economic pressures.
The revised prices, which vary by region, are as follows: Lagos at ₦875 per liter, the South-West at ₦885, the North-West and Central regions at ₦895, and the North-East, South-South, and South-East at ₦905. This adjustment marks a notable decrease from previous rates, where Lagos residents paid ₦890 per liter, and prices in the North-East and South-South reached ₦920.
The price cut applies to all major fuel marketers partnered with the refinery, including MRS, Ardova, Heyden, Optima Energy, Techno Oil, and Hyde Energy, ensuring widespread access to the reduced rates at retail outlets nationwide.
In a statement released by Anthony Chiejina, Group Chief Branding and Communications Officer, Dangote Refinery had earlier attributed the price reduction to the recent naira-for-crude deal, which has enhanced its operational efficiency. The Lekki-based 650,000-barrel-per-day refinery emphasized its commitment to stabilizing fuel prices to support Nigeria’s economy and alleviate the financial strain on consumers.
Our quality petrol and diesel are refined for better engine performance and are environmentally friendly,” the statement read, underscoring the refinery’s focus on delivering high-quality, sustainable fuel products. The company further assured Nigerians that it would maintain affordable and stable petrol prices moving forward.
This development follows months of volatile fuel pricing in Nigeria, driven by global oil market fluctuations and domestic supply challenges. The Dangote Refinery, which began commercial operations in 2024, has increasingly positioned itself as a pivotal player in addressing the country’s fuel supply issues, reducing reliance on imported petroleum products.
WHAT YOU SHOULD KNOW
As the nation navigates ongoing economic challenges, including inflation and currency depreciation, Dangote Refinery’s latest price cut offers a glimmer of relief for millions of motorists and businesses reliant on affordable fuel.
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