In a move expected to provide some respite for Nigerians grappling with rising living costs, oil marketers lifting Premium Motor Spirit (PMS) from Dangote Petroleum Refinery have reduced the pump price to N939.50 per litre, down from the previous N1,060 per litre. This 11.8% reduction comes just ahead of the holiday season, reflecting the refinery's strategic pricing adjustment to ease transportation costs for consumers.
The Dangote Petroleum Refinery announced a cut in its ex-pump price to N899.50 per litre, effective Thursday. Chief Branding and Communications Officer of Dangote Group, Anthony Chiejina, highlighted the initiative in a statement, saying, “To alleviate transport costs during this holiday season, Dangote Refinery is offering a holiday discount on PMS. From today, our petrol will be available at N899.50 per litre at our truck loading gantry or SPM. Furthermore, for every litre purchased on a cash basis, consumers will have the opportunity to buy another litre on credit, backed by a bank guarantee from Access Bank, First Bank, or Zenith Bank.”
Oil marketers have promptly adjusted their pump prices to reflect the reduction. A visit to MRS filling stations in Lagos on Friday confirmed that petrol is now retailing at N939.50 per litre. However, the chairman of MRS, Alhaji Sayyu Idris Dantata, declined to comment on the development.
Meanwhile, the Independent Petroleum Marketers Association of Nigeria (IPMAN) has projected further cost variations based on logistics. Chief Chinedu Ukadike, IPMAN's National Publicity Officer, stated, “Petrol will now trade for less than N1,000. The specific price depends on location—possibly N950 in Lagos and N990 in Abuja. Logistics, especially diesel costs, will play a significant role.”
This price reduction marks a critical response to the economic realities faced by Nigerians and highlights the role of strategic corporate decisions in cushioning the impact of fuel costs nationwide.
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