The Dangote Petroleum Refinery has slashed the ex-depot rate of Premium Motor Spirit (a.k.a. petrol) from N828 to N699 per litre. This is not the first time this year that the company has slashed the pump price of petrol.
It is understood that the new price regime took effect on December 11.
Earlier this week, the Chairman of Dangote Refinery, Alhaji Aliko Dangote, reiterated his commitment to keeping domestic fuel prices “reasonable and competitive” despite global volatility and persistent smuggling along Nigeria’s borders.
Alhaji Dangote, who said this after a closed-door meeting with President Bola Ahmed Tinubu on December 6, said prices would continue to fall as the refinery ramps up output and competes directly with imported products.
He said, “Prices are going down. The reason why prices have to go down is that we also have to compete with imports.
“But luckily for us now, the smuggling has reduced, not totally.
“There is still quite a lot of smuggling because the price we have in Nigeria is about 55 per cent lower than the price of our neighbouring countries.”
According to Alhaji Dangote, petroleum products (diesel and petrol) “will continue to be sold in the market at a very reasonable price.
“We are not here to make our $20 billion back quickly; it’s a long-term investment.”
There are reports of fresh reductions across several private depots following the refinery’s latest review, according to market trackers on Petroleumprice.ng.
According to the platform, Sigmund Depot reduced its ex-depot price by N4 to N824 per litre, while Bulk Strategic also posted a marginal drop of N3. TechnoOil implemented one of the sharpest decreases with an N15 cut.
Other depots, including A.A. Rano, NIPCO, and Aiteo, were also captured, adjusting their rates slightly as the market reacted to the new Dangote pricing template.
