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In a significant move to reduce Nigerians' cost of living, the Dangote Petroleum Refinery announced a nationwide reduction in petrol prices through its network of partner filling stations on Thursday, May 22.
According to a statement from the refinery, the pump price of Premium Motor Spirit (PMS), commonly known as petrol, has been cut from N890 to N875 per litre in Lagos.
It said the price adjustment will be implemented across various regions in the country through its retail partners, including MRS, Ardova (AP), Heyden, Optima, TechnOil, and Hyde.
The revised pricing structure reflects regional differences in transportation and logistics costs. In other parts of the South-West, petrol will now be sold at N885 per litre.
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The new price is set at N905 per litre in the Southeast, South-South, and North-East regions. Meanwhile, consumers in the North-Central and North-West regions will pay N895 per litre.
“We are committed to working with our partners to make petrol more affordable for Nigerians,” the refinery said in its announcement.
This latest development follows the Dangote refinery's earlier move on May 12 to reduce the ex-depot price of petrol to N825 per litre.
That action appeared to spur a response from the Nigerian National Petroleum Company (NNPC) Limited, which lowered pump prices at its Abuja outlets the following day.
Industry analysts see the pricing adjustment as a strategic attempt to drive competition in the fuel market and ease the economic pressure on consumers amid persistent inflation and high transportation costs.