In a major development aimed at lowering the cost of living for Nigerians, the Dangote Petroleum Refinery has announced a significant nationwide reduction in petrol prices. Effective Thursday, May 22, the pump price of Premium Motor Spirit (PMS), commonly referred to as petrol, has been reduced to N875 per litre in Lagos, marking a strategic shift in the country’s fuel pricing landscape.
According to a statement from Dangote Refinery, this price cut will be implemented across various regions through its network of retail partners, including MRS, Ardova (AP), Heyden, Optima, TechnOil, and Hyde Energy. The revised pricing varies by region, reflecting differences in logistics and transportation costs:
- South-West (excluding Lagos): N885 per litre
- Southeast, South-South, and North-East: N905 per litre
- North-Central and North-West: N895 per litre
The move comes just days after Dangote slashed the ex-depot price of petrol to N825 per litre on May 12, a decision that seemingly prompted the Nigerian National Petroleum Company (NNPC) Limited to lower pump prices at its Abuja outlets the next day.
“This initiative demonstrates our ongoing commitment to making fuel more affordable and accessible across Nigeria,” Dangote Refinery stated.
Industry experts view the price reduction as a calculated effort to boost market competition, ease inflationary pressures, and provide relief to millions of Nigerians grappling with high transportation costs and economic hardship.
