Dangote Petroleum Refinery & Petrochemicals has confirmed that the price of Premium Motor Spirit (PMS), commonly known as petrol, remains steady despite growing concerns about volatility in the domestic and regional fuel markets.
A source from the company told reporters that the gantry price is fixed at N1,200 per litre, while the coastal price stands at N1,153 per litre. The refinery emphasized that its pricing strategy aims to ensure consistent supply for Nigeria and the wider African market.
Responsive Pricing Amid Market Shocks
In March, the refinery reduced its ex-depot price by N100, lowering it from N1,175 to N1,075 per litre, with a corresponding reduction in diesel prices from N1,620 to N1,430 per litre. These adjustments reflected the refinery’s effort to respond to fluctuations in global oil markets, including disruptions caused by the ongoing Iran conflict.
Industry observers noted that Dangote Refinery’s improved domestic refining capacity has helped stabilize petrol prices, preventing a spike to N1,500 per litre that analysts had anticipated amid rising global crude prices, exchange rate pressures, and logistics costs.
Regional Demand and Export Strategy
The refinery, with a capacity of 650,000 barrels per day, has become a key alternative fuel supply hub for African countries seeking to reduce reliance on Middle Eastern sources. Approximately 75% of its output is reserved for domestic consumption, with the remaining 25% available for export.
Officials also highlighted that the surge in regional inquiries reflects concerns over fuel availability rather than pricing, as governments prioritize energy security amid global uncertainties.
Outlook
Despite warnings from the Petroleum Products Retail Outlets Owners Association of Nigeria that petrol prices could reach N2,000 per litre if international tensions persist, Dangote Refinery’s consistent output and pricing strategy offer a stabilizing effect on Nigeria’s fuel market.
