…As Market Records Stiff Competition
Toba Owojaiye reporting
Abuja, Nigeria
In a strategic move to cement its growing dominance in Nigeria’s domestic petroleum market, the Dangote Petroleum Refinery has once again reduced the gantry price of Premium Motor Spirit (PMS), popularly known as petrol, from ₦835 to ₦825 per litre.
Truth Live News gathered that this marks the second major price reduction in just over a month, following a previous cut from ₦865 to ₦835 per litre. The consistent drop reflects intensifying competition and a deliberate attempt by Dangote Refinery to deliver more value to bulk buyers and consumers amid economic pressures.
Since the commissioning of the 650,000 barrels-per-day facility, Aliko Dangote’s net worth has surged significantly, with Bloomberg reporting a rise from under $10 billion in early 2023 to over $22 billion in 2024. This rebound places him among the world’s richest industrialists and Africa’s richest man once again—driven largely by the operational gains and strategic supply contracts secured by the refinery.
More importantly, the economic benefits of the refinery’s pricing moves are beginning to ripple across the economy:
Stabilizing prices: Local petrol prices, which soared after fuel subsidy removal, are now seeing a gradual and market-led decline—offering relief to transporters, SMEs, and households.
Forex savings: Nigeria is saving billions of dollars annually by refining fuel domestically rather than importing, easing pressure on foreign reserves.
Boost in industrial confidence: The consistent output and price leadership by Dangote Refinery is restoring confidence in local refining capacity, potentially encouraging more investments into downstream operations.
Analysts suggest that if competition continues, pump prices may soon adjust further downward, especially as other modular refineries come online and Dangote’s distribution network expands nationally.
The Dangote Refinery’s aggressive pricing strategy not only reaffirms its industrial strength but is also subtly rewriting Nigeria’s petroleum economics—empowering consumers, stabilizing market expectations, and signaling a more self-reliant energy future for the country.