The Dangote Petroleum Refinery has slashed the gantry price of Premium Motor Spirit (PMS), popularly called petrol, by two percent, dropping it from N1,275 per litre to N1,250 per litre.
Market findings by Vanguard verified this price drop, which comes as competition heats up within Nigeria’s deregulated downstream oil sector, paired with falling global crude oil prices.
A source at the refinery authenticated the new rate, explaining that the price cut was triggered by the ongoing slide in international crude oil costs, which serves as the plant’s main raw material.
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“It is true that we have adjusted the gantry price of petrol due to the reduction in crude oil prices, which is our major feedstock. In a deregulated market, such adjustments should be expected,” the official stated.
The official further noted, “We are still monitoring developments and will continue to adjust prices in line with market realities.”
Despite this factory-level reduction, checks reveal that numerous retail filling stations nationwide have not implemented the price change, as petrol continues to retail above N1,350 per litre based on the marketer and area.
In a related update, the refinery recently declared itself a central catalyst for Nigeria’s brightening economic prospects, following a sovereign credit rating boost by S&P Global Ratings.
The firm highlighted that S&P raised Nigeria’s long-term foreign and local currency sovereign credit ratings from “B-” to “B”, pointing to robust economic growth, healthier external balances, boosted oil output, and expanded local refining operations as vital pillars backing the country’s financial rebound.
The refinery added that the international ratings firm explicitly named the production scale-up at the 650,000 barrels-per-day Dangote Petroleum Refinery & Petrochemicals as a major factor boosting Nigeria’s balance of payments and overall economic strength.
“Significant refining capacity is now also online; Dangote Industries Ltd.’s large-scale refinery and petrochemical complex has ramped up to near its maximum capacity of 650,000 barrels per day,” the company stated.
