Dangote Petroleum Refinery has reduced the gantry price of Premium Motor Spirit to N699 per litre from N828 per litre, marking a significant cut ahead of the festive season as part of efforts to ease national fuel pricing.
Okay News reports that the latest adjustment represents a N129 reduction or a 15.6 percent decline from the previous rate, highlighting the refinery’s continued influence on downstream petroleum markets.
A senior official of the refinery confirmed the development despite the absence of an official company statement, describing the move as part of deliberate steps to stabilise petrol supply.
Reports indicate that the refinery initiated the price drop to help reduce transportation expenses during the Christmas travel rush when millions of Nigerians journey across the country, a trend that typically heightens demand for petrol distribution.
According to refinery insiders, the decision reflects a commitment to support citizens and ease cost pressures on road transport operators, a sector heavily affected by fuel-driven operational costs.
Industry analysts note that the reduction could temporarily lower transport fares on key interstate routes if market forces respond swiftly, although full pass-through may depend on retail competition and fuel retailers.
The latest price cut adds to a series of adjustments Dangote Refinery has made since operations ramped up, reinforcing its role in shaping PMS pricing and influencing broader petroleum-sector dynamics.
Economists observe that petrol affordability remains crucial to Nigeria’s inflation trends because transportation costs directly influence food prices and household spending.
Transport unions are expected to react to the new price in the coming days, with sector players closely monitoring whether reduced depot rates translate into lower pump prices across urban and rural stations.
Market observers say the development also deepens expectations for more competitive pricing as domestic refining capacity improves, potentially reducing reliance on imported products and stabilising national fuel availability.
This remains a developing story as industry stakeholders anticipate broader reactions from retailers, transport operators, and regulatory authorities in the petroleum sector.
