The Dangote Petroleum Refinery has announced a fresh nationwide reduction in the pump price of Premium Motor Spirit (PMS), commonly known as petrol, as competition intensifies in Nigeria’s downstream oil sector. This latest adjustment is seen as a strategic response to the growing influx of imported fuel and the need to consolidate market share.
According to a statement posted on the refinery’s official social media channels on Thursday, the new petrol prices will now range between ₦875 and ₦905 per litre, depending on the region. The adjustment represents a ₦15 per litre reduction across all regions and partner retail outlets.
The new pricing regime applies to all major fuel marketers collaborating with the refinery, including MRS, Ardova, Heyden, Optima Energy, Techno Oil, and Hyde Energy. In the Federal Capital Territory, Abuja, for instance, Optima Energy revised its pump price to ₦895 per litre as of 8:00 p.m. on Thursday.
In Lagos, where the earlier price was ₦890 per litre, consumers will now pay ₦875. For residents in the Northeast and South-South regions, prices will drop from ₦920 to ₦905 per litre.
This move comes amid heightened rivalry between traditional petrol importers and the Dangote Refinery, which has increasingly established itself as a domestic refining powerhouse. With both sides vying for market dominance, pricing competition has intensified, offering some relief to consumers battered by high energy costs.
Adding to this development, a report from Argus revealed that the Dangote Refinery is set to receive nine million barrels of U.S. light sweet West Texas Intermediate (WTI) crude oil for June delivery. According to traders, this is the largest volume for any single month since the refinery began operations in early 2024.
The report noted that trading firm Vitol is supplying three separate shipments of two million barrels each, while Petraco is delivering one two-million-barrel cargo along with an additional Suezmax-sized shipment. For comparison, only one two-million-barrel cargo of WTI arrived at the facility in May, following three arrivals in April, according to tracking data from Vortexa.
With a capacity of 650,000 barrels per day, the Dangote Refinery has become a critical player in Nigeria’s quest to reduce reliance on imported petroleum products. As the refinery scales up operations and more crude is delivered, analysts expect further stabilization of petrol prices and improved availability.
The current price reduction is being viewed as part of Dangote’s broader strategy to gain a competitive edge by offering more affordable fuel options and expanding its influence in the domestic market. It also reflects a shift toward more dynamic pricing models as the refinery continues to reshape the landscape of Nigeria’s downstream oil industry.
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