Dangote Refinery Slashes Petrol Price to N699 Per Litre

Dangote Refinery Slashes Petrol Price to N699 Per Litre

In a major development for Nigeria’s energy and economic landscape, the Dangote Petroleum Refinery has announced a significant reduction in the pump price of Premium Motor Spirit (PMS), lowering the price to N699 per litre. The price slash, confirmed on Friday, marks the refinery’s most substantial downward adjustment since it began supplying refined products into the domestic market.

According to industry sources, the new pricing reflects improved production efficiency at the facility and a strategic decision by the company to ease the financial burden on consumers amid persistent economic pressures. The reduction is expected to trigger reactions across the downstream sector, with independent marketers and filling stations likely to adjust their pump prices in the coming days.

The Dangote Refinery, currently Africa’s largest single-train refining facility, has positioned itself as a key player in Nigeria’s efforts to stabilize fuel supply, reduce dependence on imports, and bring relief to motorists facing high transportation costs. Analysts suggest that the new N699 rate could exert downward pressure on market prices nationwide, especially in states where logistics costs traditionally push fuel prices higher.

While the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) has yet to issue an official response, market observers say the move could influence broader pricing trends and strengthen the refinery’s competitive edge in the local market.

Motorists and transport operators welcomed the announcement, expressing hope that the new price would translate into lower transportation fares and reduced costs across various sectors. However, some stakeholders noted that consistent supply and stable distribution will be key to sustaining the benefits of the price reduction.

The price slash comes at a time when Nigerians are grappling with rising living expenses, making the development a potentially impactful relief for millions of households and businesses across the country.