Dangote refinery has once again reduced the gantry price of Premium Motor Spirit (PMS), commonly known as petrol, by N49 per litre, bringing the new price to N828 per litre, down from N877.
The latest reduction represents a 5.6 per cent decrease, coming amid persistent market fluctuations influenced by global oil price trends.
According to data from Petroleumprice.ng, the new rate took effect on Friday, November 7, marking the refinery’s second major price review in three months as it responds to market realities and works to stabilise domestic fuel supply.
The reduction comes amid narrowing profit margins and rising operational costs that have kept pump prices elevated across several parts of the country.
The Major Energies Marketers Association of Nigeria (MEMAN) also confirmed the adjustment in its daily energy bulletin.
The parallel depot market, MRS Oil currently sells petrol at N870 per litre, while several other major depots are yet to align with Dangote’s revised benchmark.
MEMAN’s bulletin indicated fresh price movements across key petroleum products.
While petrol prices saw a slight decline, diesel and aviation fuel recorded sharp increases.
After accounting for freight, insurance, port charges, and financing costs, the 30 day moving average price for petrol stood at N824.10 per litre, showing a marginal decrease.
Spot market prices were reported at N830.80 per litre for ASPAM and N830.82 per litre for NPSC–NOJ both slightly above Dangote’s new gantry price.
At coastal depots, petrol sold for N815.14 per litre, while the Dangote refinery gantry price settled at N828 per litre.
However, data also showed an increase in the price of diesel, which continues to climb nationwide despite the downward adjustment in petrol prices.
Diesel was traded at N784.75 per metric tonne at coastal points and N950 per litre at the gantry.
Aviation fuel sold for N815.50 per metric tonne at coastal depots and N1,025.77 per litre at the gantry.
In contrast, Liquefied Petroleum Gas (LPG) remained stable at N15,000 per metric tonne ex gantry, maintaining price consistency amid market volatility.
A market survey conducted by Petroleumprice.ng between November 5 and 6, showed that average depot diesel prices rose from N919 to N983 per litre, representing a 7 per cent week-on-week increase.
The Chief Executive Officer (CEO) of Petroleumprice.ng, Olatide Jeremiah, commended the refinery’s move, noting that it demonstrates a commitment to ensuring product availability and affordability despite sector challenges.
He said, “This 5 per cent reduction from N877 to N828 per litre is a welcome development.
“It gives Nigerians confidence that the refinery is committed to providing affordable petroleum products amid the ongoing 15 per cent tariff debate in the power sector.”
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