Dangote Petroleum Refinery has announced a further reduction in the pump price of Premium Motor Spirit (PMS), commonly known as petrol, bringing it down to N835 per litre. This marks a 3.5% decrease from the N865 per litre price set just last Friday. The refinery had previously reduced the price from N880 to N865, showing a pattern of steady drops as global crude oil prices decline.

The reduction was prompted by falling international crude prices, which have dropped to $64 per barrel from over $70 per barrel in recent weeks. A senior official at Dangote Refinery explained, “We are committed to passing on the benefit of lower crude prices to Nigerians. As global conditions improve, we’ll continue to adjust prices to ease the burden on consumers.”

However, many independent and major oil marketers have not followed suit. Observations across multiple petrol stations show that many are still dispensing petrol at N965 per litre, nearly N130 higher than Dangote’s refinery price. Consumer advocacy groups have raised concerns, with Bolaji Alade, a consumer rights advocate, saying, “It’s unacceptable that marketers are not reflecting the refinery’s reduction at the pumps. There should be regulatory enforcement to protect Nigerians from unnecessary hikes.”

Industry analysts believe that until there is increased supply competition or tighter regulation, the benefit of reduced refinery prices may not reach the average consumer.