Motorists and businesses across Nigeria may soon experience relief at the pumps following fresh reductions in the ex-depot price of Premium Motor Spirit (PMS) by the Dangote Petroleum Refinery.
CDA News Nigeria gathered that the refinery has reduced its ex-depot petrol price by about ₦175 per litre over the past three weeks, raising expectations that retail pump prices could decline if marketers pass on the savings to consumers.
Industry stakeholders say the price adjustment was influenced by lower international crude oil prices following easing geopolitical tensions in the Middle East, as well as improved refining operations. Some petroleum marketers estimate that pump prices could gradually fall to around ₦1,200 per litre, although the final retail price will vary depending on transportation, distribution costs, and individual marketers’ pricing strategies.
CDA News Nigeria reports that despite the positive outlook, there is no nationwide official pump price reduction yet. Analysts caution that global oil market volatility and supply chain costs could still affect prices in the coming weeks. Recent reports also indicate that average petrol prices remained elevated in May, highlighting the need for sustained reductions before consumers feel significant relief.
Consumers and transport operators have welcomed the prospect of lower fuel prices, expressing hope that any reduction will ease transportation costs, reduce inflationary pressures, and lower the cost of goods and services across the country.
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