Ex-depot PMS drops by N50 per litre and diesel by N80 per litre as Africa’s largest refinery cites operational efficiencies and commitment to energy affordability.
Dangote Petroleum Refinery has reduced its ex-depot price of Premium Motor Spirit (PMS) to N1,165 per litre from N1,215 per litre, and cut the price of Automotive Gas Oil (diesel) to N1,570 per litre from N1,650 per litre, in a move that is expected to exert downward pressure on fuel prices at filling stations across Nigeria.
The price adjustments were announced in a statement issued by the refinery on Wednesday.
How much prices have dropped and what it means for consumers
The PMS reduction represents a cut of N50 per litre, while the diesel reduction amounts to N80 per litre. As the country’s dominant domestic refiner and a major supplier to marketers and distributors, price movements at Dangote’s ex-depot typically flow through to retail pump prices within days, meaning motorists and businesses that depend on diesel for power generation can expect some relief if marketers pass on the reductions.
“Under the new pricing structure, the refinery has reduced the ex-depot price of PMS to N1,165 per litre, down from N1,215 per litre, representing a reduction of N50 per litre. Similarly, the ex-depot price of Diesel has been reduced to N1,570 per litre from N1,650 per litre, amounting to a decrease of N80 per litre,” the statement reads.
Why the refinery says it is cutting prices now
The refinery said the price review reflects its ongoing efforts to improve energy affordability, expand access to refined petroleum products and support economic activities across Nigeria, attributing the reductions to improved operational efficiencies rather than external pressure.
“Dangote Petroleum Refinery has announced a reduction in the ex-depot prices of Premium Motor Spirit (PMS) and Automotive Gas Oil (Diesel), reaffirming its commitment to providing affordable, high-quality petroleum products to the Nigerian market,” the statement reads.
The refinery said it remains committed to “ensuring stable supply while leveraging operational efficiencies to deliver value to consumers, businesses, and stakeholders,” and reaffirmed its intention to pass on the benefits of improved operations to consumers whenever market conditions permit.
Dangote’s role in Nigeria’s energy security
“As Africa’s largest refinery, Dangote Petroleum Refinery continues to play a pivotal role in strengthening Nigeria’s energy security, reducing reliance on imports, and supporting the nation’s economic development through the supply of world-class petroleum products,” the statement further reads.
The company reaffirmed its commitment to supporting the growth of the Nigerian economy and passing the benefits of improved operational efficiencies to consumers whenever market conditions permit.
