The Dangote Petroleum Refinery has announced a two percent reduction in the gantry price of Premium Motor Spirit (PMS), commonly known as petrol, dropping the price to ₦1,250 per litre from the previous ₦1,275 per litre.
Market checks have confirmed the development as competition intensifies within Nigeria’s deregulated downstream petroleum sector.
Company officials attribute the price adjustment directly to the sustained decline in global crude oil prices, which serves as the refinery’s primary feedstock, noting that such fluctuations should be expected in a fully deregulated market.
Despite the refinery’s price cut, regular consumers have yet to feel the impact at the pumps. Recent findings reveal that many filling stations across the country are lagging behind the adjustment, with petrol still retailing well above ₦1,350 per litre depending on the location and the independent marketer.
Refinery officials stated that they are continuing to monitor international market developments closely and will adjust their wholesale prices accordingly as market realities evolve.
Meanwhile, the refinery has positioned itself as a major catalyst for Nigeria’s strengthening economic outlook, following a recent sovereign credit rating upgrade by S&P Global Ratings.
The global ratings agency upgraded Nigeria’s long-term foreign and local currency sovereign credit ratings to “B” from “B-”. S&P cited stronger economic growth, improved external balances, rising domestic oil production, and expanded local refining capacity as the pivotal factors driving the nation’s current economic recovery.
According to statements from Dangote Industries, S&P specifically highlighted the rapid operational ramp-up of the 650,000 barrels-per-day facility as a cornerstone of Nigeria’s improving balance of payments and broader economic resilience.
The company emphasized that with its large-scale refinery and petrochemical complex now operating near maximum capacity, the facility is successfully providing the significant domestic refining volume necessary to bolster the nation’s financial stability.
