Dangote Petroleum Refinery has reviewed its ex-depot price for Premium Motor Spirit (PMS) to ₦840 per litre, marking a strategic move to undercut private depot operators who have dominated the market in recent days.
The review comes after Dangote withheld its PFI (Proforma Invoice) price earlier in the day, raising speculation across the downstream sector. Industry watchers had predicted the drop, following consistent reductions from private depots and falling global crude oil prices.
Lagos Depots Sell at ₦860 as Price War Deepens
On Monday, several Lagos depots including Aiteo, Menj, Mao, and Aipec offered PMS at ₦860/litre, continuing a downward pricing trend that started late last week.
Sources confirm the reduction is tied to growing competition, as private terminals seek to attract volume ahead of any price recalibration from Dangote. Marketers had held back on lifting earlier, anticipating a market shift.
“Depots have been adjusting their prices down since Friday,” one source noted. “With crude prices also falling, everyone’s watching each other to see who moves next.”
Dangote’s new rate at ₦840 now gives it a slight price advantage, aimed at drawing marketers back and keeping pace with competitive private terminal rates.