Dangote Petroleum Refinery has reduced the gantry price of Premium Motor Spirit (PMS) by N25 per litre, lowering the ex-depot rate from N799 to N774 per litre.

The adjustment was announced in a notice issued to marketers by the refinery’s Group Commercial Operations Department, Dangote Petroleum Refinery and Petrochemicals FZE, stating that the change takes immediate effect.

“This is to notify you of a change in our PMS gantry price from N799 per litre to N774 per litre,” the notice stated.

The refinery also informed marketers that its PMS lifting incentive had ended, noting that the adjustment was expected to improve the competitiveness of locally refined products.

Tuesday’s reduction marks the latest price review of the essential commodity, with observers attributing fluctuations largely to exchange rates, global crude oil prices, and related market factors.

Last year, the ex-depot price ranged between about N700 and over N800 per litre, directly influencing pump prices nationwide.

The 650,000-barrel-per-day Dangote refinery, Africa’s largest, began delivering petrol in 2024. In January of that year, the facility, built by Nigerian billionaire Aliko Dangote, commenced production of diesel and aviation fuel.

Nigeria has historically swapped crude oil worth billions of dollars for imported petrol, which it subsidised for years to maintain low domestic prices. Fuel imports and subsidies have significantly drained foreign exchange reserves, at a time of declining oil revenues and foreign currency shortages.

Since assuming office in May 2023, President Tinubu has removed long-standing fuel subsidies and floated the naira as part of economic reforms aimed at attracting foreign investment and fostering long-term growth. However, fuel prices have since doubled, while inflation peaked at a three-decade high of 34 per cent in June 2024.