Dangote Petroleum Refinery has reduced its gantry price of Premium Motor Spirit (PMS), also known as petrol, by N25 per litre, bringing the ex-depot price down from N799 to N774 per litre. The price adjustment was communicated to petroleum marketers late last night, with the refinery confirming that the new rate takes immediate effect across the country. In a notice to marketers, the refinery stated: “This is to notify you of a change in our PMS gantry price from N799 per litre to N774 per litre.”
According to a statement from the refinery, the reduction is aimed at strengthening the competitiveness of locally refined petroleum products and easing cost pressures within the downstream sector. The refinery noted that the current landing cost of imported PMS from Lome is estimated at about N793 per litre, making Dangote Refinery’s ex-depot price of N774 per litre significantly cheaper. Industry observers say the latest price cut could help stabilise fuel supply, reduce dependence on imports and potentially lead to lower pump prices if marketers pass on the savings to consumers.
Meanwhile, President of the Dangote Group, Aliko Dangote, is also expanding his business interests beyond Nigeria. The businessman is reportedly exploring new investment opportunities in Burundi as part of his pan-African expansion drive. During a recent visit to the East African country, Dangote met with Burundian President, Evariste Ndayishimiye, at the presidential palace, where discussions were said to have focused on potential areas of investment and economic cooperation. The twin developments underscore Dangote’s growing influence in Africa’s energy and industrial sectors, as well as the strategic role of the Dangote Petroleum Refinery in reshaping Nigeria’s downstream oil market.
