BREAKING: Amid Naira For Crude Deal, Dangote Refinery Cuts Petrol Price to ₦840 Per Litre
Dangote Petroleum Refinery has reduced the gantry price of Premium Motor Spirit (PMS), also known as petrol, from ₦880 to ₦840 per litre, representing a 4.5 per cent drop.
The move follows a decline in global crude oil prices, which have slipped to around $67.50 per barrel from above $70, prompting downward adjustments across the Nigerian downstream oil market.
According to findings by First News, the refinery’s price cut appears to be a strategic step to stay ahead of competing private depots that have been slashing rates in recent days.
Checks on petroleumprice.ng also confirmed the revised rate, placing Dangote slightly below several Lagos depots such as Aiteo, Menj, Mao, and Aipec, which were offering PMS at ₦860 per litre on Monday.
Earlier in the day, Dangote had withheld its Proforma Invoice (PFI) price, sparking speculation across the sector. Marketers reportedly held back from lifting fuel as they anticipated a price shift.
With its new ₦840 per litre benchmark, Dangote aims to regain a competitive edge and attract more volume, especially as private depot operators continue to offer discounts to secure market share.
