Oladele Oduniyi
Dangote Refinery has announced a reduction in the price of Premium Motor Spirit (PMS), commonly referred to as petrol, slashing it from N880 to N840 per litre. This price cut officially took effect on June 30, according to a statement released by Dangote Group spokesperson, Anthony Chiejina.
The adjustment comes after a brief price hike in response to geopolitical tensions in the Middle East. Earlier, prices surged to N880 per litre due to the ripple effect of the Israel-Iran conflict, which caused crude oil prices to spike to nearly $80 per barrel.
Market analysts believe the new rate reflects a recalibration based on improving supply chain dynamics and reduced volatility in global oil markets. Fuel marketers and retail distributors aligned with Dangote—such as MRS, AP, and Heyden—are now expected to revise their pump prices to match the latest refinery pricing.
Industry sources had earlier indicated a likely shift in petrol pricing this week, and the updated rate reinforces ongoing efforts to ensure price stability amid Nigeria’s deregulated downstream sector.
The move is also seen as part of Dangote Refinery’s broader strategy to gain deeper market penetration by leveraging scale and efficiency, especially in a landscape marked by high import dependence and fluctuating forex rates.