Dangote Refinery has announced a reduction in its ex-depot price of Premium Motor Spirit (PMS), also known as petrol, from N880 to N840 per litre.
This was confirmed on Monday night by the Group’s spokesperson, Anthony Chiejina.
The reduction comes weeks after the refinery increased the ex-depot price to ₦880, a decision influenced by global oil market instability triggered by the 12-day conflict between Israel and Iran, which pushed crude oil prices close to $80 per barrel.
Chiejina said, “PMS price has been reduced from N880 to N840 per litre effective 30th June.”
However, with a ceasefire in the conflict, marketers were anticipating a change in pricing starting this week.
Following Dangote’s move, its distribution partners—including MRS, Heyden, and AP—are expected to adjust their pump prices in line with the new rate.
This is coming barely a week after the National Petroleum Company (NNPC) Limited increased its prices of petrol at its retail outlets in Lagos, Abuja to N925 from N915.
The increase raises concerns on the affordability of Petrol from the government owned company.
