In a significant move to ease the burden on Nigerian consumers, the Dangote Petroleum Refinery has announced a ₦100 reduction in the ex-gantry price of Premium Motor Spirit (PMS), bringing it down to ₦1,075 per litre. The price cut, effective as of March 10, marks the first downward adjustment following a week of volatile spikes that saw prices climb as high as ₦1,175 due to the escalating conflict in the Middle East.
The refinery also revised its pricing for other distribution channels and products. Petrol supplied through coastal maritime channels has been lowered to ₦1,050 per litre, while Automotive Gas Oil (diesel) saw an even steeper reduction of ₦190, falling from ₦1,620 to ₦1,430 per litre. Management attributed the relief to a recent dip in global crude oil benchmarks, which saw Brent crude retreat to the $90-per-barrel range after a brief surge toward $120.
“This decision is intended to assure Nigerians that our pricing mechanism remains responsive to global market dynamics,” the refinery stated, emphasizing its commitment to “economic patriotism.” Chief Executive Officer David Bird clarified that while the facility is not immune to international shocks, the presence of domestic refining capacity provides a critical buffer against the fuel rationing currently being seen in other import-dependent nations.
Despite the reduction at the refinery gate, many retail filling stations across Lagos, Abuja, and Kano have been slow to adjust, with pump prices still hovering between ₦1,250 and ₦1,330 per litre. Industry experts from the Petroleum Products Retail Outlets Owners Association (PETROAN) expect a wider downward trend by the weekend as marketers exhaust old, high-cost stocks.
The price drop offers a glimmer of hope for stabilizing transportation costs and food inflation, which have been exacerbated by the U.S.-Iran hostilities. As Dangote now supplies approximately 92% of Nigeria’s petrol needs, the refinery’s “fair pricing system” is becoming the primary anchor for the nation’s energy security during these turbulent global times.
