The Dangote Petroleum Refinery has announced a reduction in the price of its Premium Motor Spirit (PMS), lowering it from N990 per litre to N970 per litre for marketers.
In a statement released on Sunday, Anthony Chiejina, the Group Chief Branding and Communications Officer of the Dangote Group, noted that the price cut was a gesture to appreciate Nigerians for their support and to acknowledge the government’s backing of the refinery’s operations.
“As the year comes to an end, this is our way of appreciating the good people of Nigeria for their unwavering support in making the refinery a dream come true. This reduction also complements the government’s measures to encourage domestic enterprise for our collective well-being,” the statement said.
Chiejina emphasized the refinery’s commitment to providing high-quality, environmentally sustainable petroleum products while ramping up production to meet domestic fuel needs and prevent supply shortfalls.
This announcement comes as competition in the deregulated downstream sector continues to influence a downward trend in pump prices across Nigeria. The Independent Petroleum Marketers Association of Nigeria (IPMAN) spokesperson, Chinedu Ukadike, attributed the price drop to the agreement between IPMAN and Dangote Refinery, allowing independent marketers to purchase directly from the refinery.
“With competition setting in, prices have dropped by N10 to N15 in some areas. By the end of the year, we expect further reductions,” Ukadike said.
A major oil marketer also highlighted deregulation’s impact, noting that while prices are still above N1,000/litre in some locations, recent trends reflect a gradual decline. “Prices can fluctuate, but competition ensures a more dynamic market,” the source added.
The Dangote Refinery’s move aligns with its broader goals of stabilizing Nigeria’s domestic fuel market while maintaining competitive pricing.
