Aliko Dangote, President of Dangote Industries Limited, announced that the ex-depot price of Premium Motor Spirit (PMS), also referred to as petrol, has been lowered from 970 to 899.50 per litre at the loading gantry of the Dangote Refinery.
Dangote stated, “The price reduction is a response to the market… This is a refinery where we’ve invested over $20 billion, and we must protect our interests and investments.”
As previously reported by Entrepreneurng, this change, which took effect on December 19, 2024, is explained by the state of the market.
The downstream petroleum industry in Nigeria is now more competitive as a result of this calculated approach. The Nigerian National Petroleum Company Limited (NNPCL) has responded by reducing its ex-depot price per litre from ₦1,020 to ₦899).
Dangote Refinery has teamed with MRS Oil and Gas to offer petrol at 935 per litre in all MRS locations countrywide, making gasoline cheaper for consumers.
In addition to potentially causing more price modifications by other market participants, these developments are anticipated to lessen the financial strain on Nigerians, particularly during the holiday season.
Nigeria’s oil industry is expected to be greatly impacted by the Dangote Refinery, which has a 650,000 barrels per day capacity. This is because it will be less dependent on imported petroleum products and relieve pressure on foreign exchange.
