The Dangote Refinery has reduced the ex-depot price of Premium Motor Spirit (PMS), also known as petrol, from N880 to N840 per litre, offering a ray of hope for Nigerians struggling with high fuel costs.
This N40 reduction was confirmed on Monday by the President of the Independent Petroleum Marketers Association of Nigeria (IPMAN), Abubakar Maigandi, during an interview.
“It is true. Dangote Refinery reduced its petrol ex-depot price to N840. We are happy, and our members will implement the new price as soon as they load new products,” Maigandi stated.
Following the announcement, petroleum marketers are scheduled to hold an emergency meeting on Tuesday to agree on a new national pump price. According to Maigandi, a price drop at filling stations across the country is expected to follow immediately.
The reduction comes just over a week after Dangote Refinery increased prices due to rising global oil costs linked to the Middle East conflict between Israel and Iran. However, a ceasefire announced by U.S. President Donald Trump has helped ease tensions, pushing global oil prices down.
By Monday night, Brent crude fell to \$67.81 per barrel and West Texas Intermediate to \$64.97, compared to highs of \$79 and \$70 in recent weeks.
As of Monday, fuel prices at filling stations in Lagos and Abuja ranged from N875 to N970 per litre, depending on the location and company. Major outlets like MRS, NNPC, AA Rano, and Eterna were still selling above N940.
Industry watchers expect that the Dangote Refinery’s move will bring much-needed relief to consumers and possibly trigger a wave of price cuts across the sector starting Tuesday.