Nigeria’s fuel market has seen another shift as the Dangote Petroleum Refinery announced a reduction in petrol price, offering brief relief after weeks of increases.
The refinery reduced its ex-gantry price of Premium Motor Spirit (PMS) by ₦100, bringing it down from ₦1,175 to ₦1,075 per litre. Coastal supply prices were also adjusted downward to around ₦1,050 per litre.
This marks the first price drop after multiple hikes earlier in March, when rising global crude oil prices driven by geopolitical tensions pushed petrol costs significantly higher across Nigeria.
According to the refinery, the reduction reflects a decline in global oil prices, showing how closely local fuel costs are tied to international market conditions.
However, the situation remains unstable.
Despite this temporary reduction, petrol prices have continued to fluctuate, with marketers later adjusting pump prices upward again in response to supply dynamics and distribution costs.
The Dangote Petroleum Refinery Africa’s largest refinery now plays a major role in determining fuel prices in Nigeria, especially as the country shifts toward local refining and reduces dependence on imports.
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