Nigeria TV Info Again, Dangote Refinery Reduces Petrol Price to ₦1,125 Per Litre

Dangote Petroleum Refinery has announced another reduction in the ex-depot (gantry) price of Premium Motor Spirit (PMS), lowering the price from ₦1,175 to ₦1,125 per litre. The latest adjustment took effect immediately and is expected to influence pump prices at filling stations across Nigeria in the coming days.

The refinery said the downward review reflects improving conditions in the international energy market and its commitment to ensuring a steady supply of petroleum products at more competitive prices. The reduction follows a similar ₦75 per litre cut announced earlier in June after global crude oil prices declined.

Industry stakeholders believe the latest price cut will intensify competition among fuel marketers and depot operators, many of whom have already begun adjusting their ex-depot prices. However, motorists may not immediately enjoy the full benefit, as filling stations are expected to first exhaust existing fuel stocks purchased at higher prices before implementing new retail prices.

Analysts also note that the continued reduction in fuel prices is being supported by easing global crude oil prices and increased domestic refining capacity, factors expected to reduce Nigeria's dependence on imported petroleum products and provide relief to consumers if market conditions remain stable.