A significant shift is underway across fuel stations in major Nigerian cities as motorists adjust their purchasing habits following recent petrol price cuts initiated by the Dangote Petroleum Refinery.
Following a drop in global crude oil benchmarks below $80 per barrel, Dangote Refinery reduced its ex-depot (gantry) prices for Premium Motor Spirit (PMS) by ₦50 per litre—bringing the rate down from ₦1,215 to ₦1,165 per litre. Diesel prices were similarly reduced by ₦80, moving from ₦1,650 to ₦1,570 per litre.
The price slash has triggered competitive price adjustments across independent and major retail outlets, causing noticeable shifts in customer traffic.
Shift in Motorist Demand
Market surveys reveal that retail outlets reflecting Dangote’s price cuts—such as MRS and select independent stations—are seeing increased patronage and longer queues. In contrast, stations maintaining higher pump prices, including several NNPCL retail outlets dispensing above market lows, are seeing a drop in customer traffic as motorists seek cost relief.
- Dangote Ex-Depot PMS Price: ₦1,165 / litre (Down from ₦1,215)
- Dangote Ex-Depot Diesel Price: ₦1,570 / litre (Down from ₦1,650)
- Retail Outlets (e.g., MRS): Adjusted pump rates down to ₦1,210 – ₦1,215 per litre in areas like Abuja.
- Independent Marketers: Dispensing between ₦1,250 and ₦1,275 per litre depending on location and logistics.
Global Crude Drop Drives Domestic Relief
The price reductions follow fluctuations in international crude benchmarks. Brent crude dropped nearly five percent to around $79 per barrel following geopolitical developments and supply expectations in key shipping corridors.
In an official statement, the Dangote Group explained that the price review is intended to pass on operational efficiencies and provide relief to Nigerian consumers and businesses amidst broader economic pressures.
“The price review reflects Dangote Refinery’s ongoing efforts to enhance energy affordability, improve access to refined petroleum products, and support economic activities across Nigeria.” — Dangote Group Official Statement
Marketers represented by the Independent Petroleum Marketers Association of Nigeria (IPMAN) confirmed that as fresh, lower-cost inventory reaches retail stations nationwide, consumers can expect pump prices to stabilize at lower rates across more outlets.
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