Dangote Refinery Slashes Petrol Ex-Depot Price to N699 Ahead of Yuletide

 

The Dangote Petroleum Refinery has again reduced the ex-depot price of Premium Motor Spirit (PMS), lowering the rate from N828 to N699 per litre in a move expected to ease pressure on consumers during the festive season.

Sources within the refinery confirmed the latest downward review, describing it as part of ongoing efforts to keep domestic prices competitive.

“The refinery has reduced the petrol price to N699 per litre,” one of the sources disclosed.

The development was also confirmed by the National President of the Independent Petroleum Marketers Association of Nigeria (IPMAN), Abubakar Garima, who said marketers were notified of the adjustment.

“The refinery informed us that petrol is now N699 per litre, and marketers can commence purchase in preparation for the festive period,” Garima said.

The new ex-depot price brings petrol closer to its value two years ago and comes amid refinery plans to sustain what it calls “attractive domestic pricing”.

President of the Dangote Group, Aliko Dangote, recently hinted at further price moderation, noting that the refinery must align its pricing to compete with imported products.

“Prices are going down. They must go down because we have to compete with imports,” Dangote had said, assuring Nigerians that both diesel and petrol would continue to be sold at “reasonable market prices.”

The latest price cut comes barely two weeks after the Nigerian National Petroleum Company (NNPC) Limited reduced pump prices at its retail stations in Lagos and Abuja to N900 and N940 per litre respectively.

Industry analysts expect the Dangote review to trigger market adjustments as independent marketers respond to the new ex-depot rate.