The Dangote Petroleum Refinery has slashed the ex-gantry price of premium motor spirit (PMS), commonly known as petrol, to ₦699 per liter. This is a ₦129 drop from the previous rate of ₦828.
Sources at the refinery confirmed the adjustment, while Abubakar Garima, national president of the Independent Petroleum Marketers Association of Nigeria (IPMAN), said marketers have been notified they can begin purchasing at the new rate ahead of the festive season.
The reduction brings petrol prices closer to levels last seen two years ago. It reflects the refinery’s broader plan to keep domestic fuel costs competitive against imports.
Aliko Dangote, president of the Dangote Group, explained the approach: “Prices are going down. They have to go down because we need to compete with imports,” he said, adding that both diesel and petrol will be sold “at a very reasonable price.”
He complained that “There is still quite a lot of smuggling because the price we have in Nigeria is about 55 per cent lower than the price of our neighboring countries. But luckily for us now, the smuggling has reduced, not totally.”
The price cuts come just weeks after the Nigerian National Petroleum Company (NNPC) Limited lowered its pump price to ₦900 per liter in Lagos and ₦940 in Abuja on November 27.
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