Dangote Petroleum Refinery has announced a further reduction in the ex-depot price of Premium Motor Spirit (PMS), commonly known as petrol, from N840 to N820 per litre.
The new pricing takes effect immediately, according to a statement released by the company on Tuesday via its official X (formerly Twitter) handle.
This marks the second price cut by the Lagos-based refinery in just nine days, signaling a strategic move to ease fuel costs and stabilize downstream market prices.
On July 1, Dangote Refinery reduced the ex-depot price of petrol from N880 to N840 per litre, following a brief hike that had pushed the price to N880 in late June.
The latest reduction brings the total price drop to N60 per litre within a two-week window.
The ex-depot price is the rate at which petrol is sold to marketers at the refinery gate, and it directly influences the pump price consumers pay at filling stations.
“The new ex-depot price of N820 per litre takes effect immediately,” the company stated.
Major downstream operators such as MRS Oil & Gas, Ardova Plc, Heyden Petroleum, and others with direct supply agreements with Dangote Refinery are expected to adjust their pump prices accordingly.
Industry analysts anticipate that retail prices could fall below N885 per litre in response to the latest reduction.
The move is expected to provide some relief to consumers amid persistent inflationary pressures and high transportation costs.
In a related development, Dangote Refinery recently announced plans to distribute petrol and diesel free of charge to select marketers, dealers, and large-scale users across the country. The initiative is scheduled to commence on August 15, 2025.
To support the rollout, the refinery has procured 4,000 brand-new Compressed Natural Gas (CNG)-powered tankers, underscoring its commitment to cleaner energy logistics and efficient nationwide distribution.
The $20 billion refinery, located in the Lekki Free Zone, Lagos, is Africa’s largest and is expected to play a transformative role in Nigeria’s energy sector by reducing dependence on imported fuel and stabilizing domestic supply.