By Peter Omopo
The Dangote Petroleum Refinery has announced yet another major reduction in the depot price of Premium Motor Spirit (PMS), lowering the gantry rate from N828 to N699 per litre.
The latest cut, captured in real-time pricing data published by Petroleumprice.ng on Friday, reflects a N129 reduction per litre — a 15.58% drop — marking the refinery’s second significant price adjustment within weeks.
A senior official of the refinery, who declined to be named due to lack of authorisation to speak publicly, confirmed the development, saying:
“The refinery has reduced petrol gantry price to N699 per litre.”
Industry sources say the refinery initiated the price slash to help ease transportation costs nationwide ahead of the Christmas travel surge, when millions of Nigerians journey across states to reunite with family and loved ones.
According to journalist Imran Muhammed, insiders disclosed that the new pricing move is part of a deliberate effort by the refinery to, “make the season memorable for citizens and reduce cost pressures on road transport operators.”
Observers note that the refinery’s repeated price adjustments signal the gradual dissolution of the old marketers’ consortium model, which previously controlled coordinated bulk purchases. With Dangote now expanding its national distribution network, individual marketers are increasingly able to buy directly, improving pricing efficiency and widening market access.
Analysts believe the reduced gantry price is expected to translate into lower pump prices across several states — particularly in the North and South-East — where transportation and logistics costs traditionally spike during the festive season.
Industry officials also hinted that further price reviews may occur as the refinery scales up output ahead of its next production expansion phase.
