Dangote Petroleum Refinery has reduced the gantry price of Premium Motor Spirit (petrol) to N828 per litre, down from N877 per litre, representing a 5.6% decrease.
The price reduction comes despite a slight rise in global crude oil prices to about $64 per barrel, up from $62 the previous day.
Checks by Daily Source showed that the drop was due to an improved crude supply arrangement between the Dangote Refinery and the Nigerian National Petroleum Company Limited (NNPC) under the ongoing naira-for-crude supply framework.
Under the arrangement, NNPC is supplying the refinery with December-loading crude cargoes, including grades such as Amenam, Bonny Light, Forcados, and Qua Iboe.
In a report by Vanguard, Industry sources confirmed that fuel loading at the adjusted price commenced early Friday at the refinery’s gantry in Lagos, and marketers are expected to reflect the reduction at pump stations once new stock circulates nationwide.
Meanwhile, data from S&P Global Commodity Insights indicated that Dangote’s previous gantry price of N877 per litre was already below the import parity cost for Lagos, and even below ship-to-ship fuel transfer prices at Lomé, Togo.
The pricing gap highlights the refinery’s competitive cost advantage in the Nigerian market.
Nigeria’s PMS imports have reportedly dropped to below 200,000 barrels per day, compared to around 500,000 barrels per day in early 2023, reflecting growing reliance on domestic refining.
However, analysts at S&P Global cautioned that strong regulatory oversight remains essential to maintain transparency, prevent market abuse, and protect consumers as the downstream sector operates under deregulated pricing.
