The Dangote Petroleum Refinery has again reduced the ex-depot price of Premium Motor Spirit (petrol), bringing it down from ₦840 to ₦820 per litre, marking the second price cut in less than two weeks.
The latest reduction comes amid rising public pressure over fuel affordability and increasing input costs across the economy. The refinery, Africa’s largest, had previously cut its price from ₦880 to ₦840 per litre at the end of June.
Several petroleum marketers in Lagos and Warri confirmed the new price, stating that the updated rate is already in effect at their respective depots.
“The drop to ₦820 per litre is a welcome development and could lead to lower pump prices across major cities,” said one independent marketer in Lagos.
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Industry analysts say the pricing move is part of the refinery’s strategy to boost distribution and assert a stronger influence in Nigeria’s downstream oil sector. It also reflects the impact of declining global crude oil prices, which recently dipped below $70 per barrel.
As marketers adjust to the new price, consumers may see pump rates fall below ₦900 per litre in some states. The reduction is expected to ease pressure on transport costs and inflation, especially in urban centres where fuel demand remains high.
Dangote Refinery, located in Lekki, Lagos, officially commenced fuel distribution earlier this year and has since emerged as a key player in Nigeria’s efforts to reduce reliance on imported petroleum products.
While the refinery’s pricing is currently more competitive than many importers, stakeholders are watching to see how long the trend of price cuts can be sustained amid foreign exchange fluctuations and operational costs.
