By Dangote Refinery has announced a reduction in the price of Premium Motor Spirit (PMS), popularly known as petrol, lowering it from N880 to N865 per litre at the loading point. The announcement was made in a notice sent to marketers and customers on Thursday morning.
The move aligns with expectations from industry stakeholders who had anticipated a price cut from the 650,000-barrel-per-day refinery by the end of the week. The reduction is expected to contribute to lower fuel prices across the country.
Chinedu Ukadike, National Publicity Secretary of the Independent Petroleum Marketers Association of Nigeria (IPMAN), confirmed that the price drop follows the Federal Executive Council’s (FEC) decision to fully implement the naira-for-crude initiative with local refiners.
The Ministry of Finance, in a statement posted on its official X handle, emphasized that the initiative is not a temporary measure but a long-term policy aimed at reducing Nigeria’s dependence on foreign exchange for petroleum imports.
A technical sub-committee overseeing the initiative met on Tuesday to review progress and address implementation challenges. The government reaffirmed its commitment to ensuring the initiative supports sustainable local refining and strengthens energy security.
With this latest price adjustment, fuel marketers and consumers alike are hopeful for further stability in Nigeria’s petroleum market, driven by increased local refining capacity.
