The Dangote Petroleum Refinery has reduced its ex-depot price of Premium Motor Spirit (PMS), commonly known as petrol, by N50, bringing the price down from N1,125 to N1,075 per litre.
The latest adjustment, which took effect immediately, represents a 4.4 per cent reduction and marks the refinery's second price cut within one week, following an earlier reduction from N1,175 to N1,125 per litre.
The refinery also aligned its coastal loading price with the new ex-depot rate of N1,075 per litre, eliminating the previous price difference between coastal and gantry sales.
A senior refinery official, who spoke on condition of anonymity, said the price review is aimed at making petroleum products more affordable and strengthening competition in Nigeria's downstream oil sector.
The official also disclosed that the refinery has ended its 20-member consortium arrangement, allowing all qualified petroleum marketers to load products directly from both the gantry and coastal terminals.
According to the source, the move is intended to improve market access, enhance product distribution nationwide, and encourage a more competitive petroleum market.
Industry checks confirmed the new ex-depot price, raising expectations that filling stations sourcing fuel directly from the Dangote Refinery may lower pump prices in the coming days.
The development comes as competition intensifies in Nigeria's deregulated downstream petroleum sector. Earlier this week, the Minister of State for Petroleum Resources (Oil), Heineken Lokpobiri, reiterated that fuel prices in a deregulated market should be determined by market forces rather than government intervention.
The Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) has also maintained that petrol prices must remain cost-reflective while urging operators to avoid profiteering and uphold fair competition.
Similarly, the Federal Competition and Consumer Protection Commission (FCCPC) has consistently advocated competitive market practices, insisting that consumers should benefit from lower prices resulting from improved supply and increased competition.
The latest reduction adds to a series of N50 price cuts introduced by the Dangote Refinery since it began large-scale domestic petrol supply, reinforcing its strategy to expand market access and promote competitive fuel pricing across Nigeria.
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