PMS Prices Drop Nationwide as Marketers Adjust to Dangote Refinery's New Rates

Motorists across Nigeria are beginning to enjoy lower petrol prices following recent reductions in the ex-depot price of Premium Motor Spirit (PMS) by the Dangote Petroleum Refinery.

The downward price adjustment has prompted several filling stations and petroleum marketers to review their pump prices, offering some relief to consumers facing rising transportation and living costs.

A market survey conducted on Saturday revealed that both independent marketers and major retail outlets have commenced selling petrol at reduced rates, particularly in Abuja and other parts of the country.

The latest development comes just days after Dangote Refinery announced a reduction in its gantry price, lowering the ex-depot rate of petrol to ₦1,075 per litre.

Following the adjustment, major marketers including MRS Oil Nigeria Plc and the Nigerian National Petroleum Company (NNPC) Limited also reviewed their retail prices downward.

MRS filling stations currently dispense petrol at about ₦1,191 per litre in Abuja, while NNPC retail outlets sell the product at approximately ₦1,210 per litre.

Industry observers attribute the price reduction to the recent decline in global crude oil prices. Dangote Refinery noted that the adjustment was influenced by softer international oil prices, with Brent crude trading around $72 per barrel and West Texas Intermediate (WTI) crude hovering near $68 per barrel.

Analysts believe the new ex-depot rate will encourage more marketers to lower their pump prices as they begin to replenish stocks purchased at the reduced refinery price.

The development has been welcomed by motorists and transport operators, who hope the trend will contribute to lower transportation costs and ease pressure on household expenses.

Poet of Afrique Reporter

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