The Dangote Petroleum Refinery has announced another reduction in its ex-depot price of Premium Motor Spirit (PMS), lowering the loading price by ₦1 per litre from ₦1,076 to ₦1,075 per litre, as competition continues to intensify in Nigeria’s downstream petroleum market.
The latest adjustment comes just days after the refinery implemented a more significant price reduction and opened petrol loading to all qualified marketers. Other major marketers have also responded, with MRS Oil Nigeria reducing its depot price by ₦2 per litre to ₦1,074 per litre, making it one of the cheapest suppliers in the Lagos market.
The price adjustment occurred despite a sharp increase in global crude oil prices. Brent crude rose to about $79.59 per barrel, while West Texas Intermediate (WTI) climbed to $75.22 per barrel, raising concerns that continued increases in international crude oil prices could eventually put upward pressure on domestic fuel prices.
Industry analysts say the latest reduction reflects growing competition among petroleum marketers and refiners, as companies continue adjusting prices to attract customers in Nigeria’s deregulated fuel market. However, they caution that sustained increases in global crude oil prices could reverse the current downward trend in petrol prices.
