![The Dangote Refinery has slashed the price of petrol. [Getty Images]](https://image.api.sportal365.com/process/smp-images-production/pulse.ng/26092024/57ccf797-1529-4114-9ff3-d7585a2464ea?operations=autocrop(1042:580))
)
In a move that could further intensify competition in Nigeria’s downstream oil sector, Dangote Petroleum Refinery has announced a reduction in the price of Premium Motor Spirit (PMS), commonly known as petrol, to ₦825 per litre.
This marks the second price cut in a month, following an earlier reduction from ₦865 to ₦835 per litre.
The refinery, which has a capacity of 650,000 barrels per day, said the decision was to offer better value to consumers while reinforcing its position in the domestic market.
Industry observers say the price reduction could prompt other players to follow suit, potentially offering relief to motorists and businesses struggling with rising fuel costs.
)
)
)
The announcement also underscores the growing influence of the Dangote Refinery, which only recently began full-scale operations but is already shaping pricing dynamics across the country.
The Dangote Refinery’s pricing moves come at a time when Nigerians are facing increasing pressure from high living costs, with fuel prices playing a significant role in household and transport expenditures.
While the long-term impact on the market remains to be seen, the refinery’s aggressive pricing signals a new era in Nigeria’s energy landscape—one where large-scale local production could challenge existing import-dependent pricing models.