Dangote Petroleum Refinery has cut its Premium Motor Spirit (PMS) ex-depot price to ₦820 per litre, reversing last week’s ₦850/L hike. The move intensifies competition in Nigeria’s deregulated fuel market, where refiners and depots are pushing aggressively for customers.
Brent crude traded at $66.32 (-0.47%) on Tuesday, while West Texas Intermediate (WTI) settled at $63.48 (-0.75%). Falling crude prices have eased costs, giving operators more room to reduce prices. However, industry insiders say Dangote’s action is aimed mainly at strengthening its market position.
Private depots—Rano, Mao, Menj, and Aiteo—now sell PMS at ₦850/L. This parity removes the brief pricing edge Dangote gained after resuming sales last week. With operations at 650,000 barrels per day and plans to reach 700,000 bpd, Dangote is adjusting prices to win long-term contracts and grow its customer base.
Marketers recall that last week’s price hike, which followed a week-long suspension of sales, unsettled many traders. They believe the new cut is meant to rebuild trust, boost demand, and maintain strong sales volumes.
Analysts expect more price changes in the coming weeks as global oil prices stay soft and local suppliers fight for market share. In Nigeria’s deregulated system, operators can change prices without prior notice. A sudden adjustment could alter depot margins and affect pump prices nationwide.