Dangote Refinery Cuts Petrol Prices, Signals Drop in Fuel Supply Costs
The Dangote Petroleum Refinery & Petrochemicals has announced a reduction in its petrol prices, lowering the gantry price for Premium Motor Spirit (PMS) to ₦1,200 per litre and setting the coastal price at ₦1,153 per litre. The move is expected to impact fuel supply costs across Nigeria’s downstream distribution network.
Anthony Chiejina, spokesperson for the Dangote Group, said the price adjustment reflects a downward review of the refinery’s pricing structure in response to uncertainties in the global oil market, largely driven by ongoing geopolitical tensions in the Middle East.
“With the new gantry price of ₦1,200 per litre and coastal price of ₦1,153 per litre, this adjustment is aimed at mitigating the impact of global oil market volatility on domestic supply,” Chiejina stated.
The new rates are expected to influence landing costs for marketers, particularly those sourcing petrol locally rather than through imports. The coastal price is also set to affect marine deliveries to depots along southern corridors, offering distributors an alternative supply route.
Industry analysts say the revision could lead to lower pump prices at retail outlets if marketers pass on the cost benefits, potentially easing the burden on consumers and stabilizing fuel distribution across the country.
Dangote Refinery Cuts Petrol Prices, Signals Drop in Fuel Supply Costs