By Oso Abidemi
The Dangote Petroleum Refinery has reduced the ex-depot price of Premium Motor Spirit (PMS), from ₦880 to ₦840 per litre, in what the company described as a strategic move to ease pump prices and drive nationwide distribution.
Anthony Chiejina, Chief Corporate Communications Officer of the Dangote Group, announced the development on Monday, linking the price cut to a recent dip in global oil prices.
Brent crude dropped from $68.67 to $67.61 per barrel within a week.
The price drop comes amid rising pump prices in the country, with NNPC Limited recently increasing its retail price to ₦925 per litre at some Lagos stations.
Ahead of its August 15 nationwide distribution rollout, Dangote Refinery has acquired 4,000 CNG-powered tankers to deliver petrol and diesel directly to retail stations, manufacturers, aviation operators, and other bulk users, without additional logistics charges.
“This programme reflects our commitment to cutting logistics costs, promoting sustainability, and supporting Nigeria’s economic growth,” the company stated.
As part of the strategy, a two-week credit facility was introduced for large-scale buyers. Buyers who purchase at least 500,000 litres will receive an equal volume on credit, provided they meet KYC and bank guarantee requirements. Registration runs until August 15.
While industry analysts welcome the move as potentially reducing inflation and improving consumer access, some stakeholders have raised concerns. PETROAN warned of a possible monopoly that could threaten jobs, while MEMAN called for clarity on the distribution model.
Dangote Group estimates the strategy could save the nation over ₦1.7 trillion annually. Over ₦720 billion has already been invested in the new trucks.
The company reiterated its commitment to equitable fuel access across Nigeria, saying the initiative aligns with President Bola Tinubu’s Renewed Hope Agenda for economic stability and industrial growth.
