Dangote Refinery cuts petrol price to N828/litre amid efforts to ease fuel costs

Dangote Refinery has reduced the ex-depot (gantry) price of Premium Motor Spirit (PMS) by ₦49 per litre, lowering the rate from ₦877 to ₦828, in what industry players describe as a significant move to ease pressure in the downstream petroleum market.

The latest adjustment, which took effect Friday, reflects a 5.6 per cent reduction and marks the refinery’s second major price review in three months as it responds to market dynamics and domestic supply demands.

A fuel marketer confirmed the development, saying, “Dangote has reduced gantry price from ₦877 per litre to ₦828 per litre.”

Data from the Major Energies Marketers Association of Nigeria (MEMAN) also confirmed the reduction in its daily energy bulletin.

Despite the price cut, retail pump prices remain largely unchanged across many states due to tight margins, high logistics costs, and fluctuating depot prices. For instance, MRS Oil was selling petrol at ₦870 per litre on Friday, while several other depots have yet to align with the new Dangote benchmark.

Meanwhile, updated MEMAN data showed mixed movements across petroleum products:

Petrol: 30-day moving average price eased to ₦824.10 per litre.

Diesel: Rose to ₦950 per litre at the refinery gantry.

Jet A1 (Aviation Fuel): Increased to ₦1,025.77 per litre.

LPG: Remained stable at ₦15,000 per metric tonne.

The rise in diesel and aviation fuel prices suggests continued cost pressures in industrial operations, transportation, and aviation sectors.

A market report by Petroleumprice.ng covering November 5 – 6 showed average depot diesel prices rose from ₦919 to ₦983 per litre nationwide, a 7 per cent increase within one week.

Chief Executive Officer of Petroleumprice.ng, Olatide Jeremiah, described the petrol price reduction as a positive signal.

“This 5 per cent reduction is a welcome development. It boosts confidence that the refinery remains committed to ensuring availability and affordability of petroleum products, especially amid the ongoing 15 per cent tariff debate in the power sector,” he said.

The adjustment comes at a time when Nigerians continue to grapple with elevated living costs and prolonged pressure on transportation and power expenses.