The Dangote Petroleum Refinery has reduced the ex-depot price of Premium Motor Spirit (petrol) by N50 per litre, bringing the price down from N1,125 to N1,075 per litre.

The latest adjustment is the refinery’s second N50 price reduction within one week, lowering the ex-depot price by a total of N100 from N1,175 per litre. The move is expected to increase competition in Nigeria’s downstream petroleum market and could prompt filling stations supplied by the refinery to review their pump prices.

In addition to the price cut, the refinery has aligned its coastal loading price with the ex-depot price at N1,075 per litre, removing the previous pricing gap between the two supply channels.

Industry sources said the revised pricing took effect immediately. They also disclosed that the refinery has ended its 20-member consortium arrangement, allowing all qualified petroleum marketers to load products directly from its gantry and coastal terminals, provided they meet the required conditions.

The decision is expected to widen access to petroleum products and improve product distribution across the country.

Market data monitored on Thursday also reflected the new ex-depot price, confirming the refinery’s latest pricing adjustment.

The reduction comes as competition intensifies following the deregulation of Nigeria’s downstream petroleum sector. Industry stakeholders expect market forces and increased local refining capacity to continue influencing fuel prices.

The Federal Government has repeatedly maintained that petrol prices will now be determined by competition rather than administrative controls. The Minister of State for Petroleum Resources (Oil), Heineken Lokpobiri, recently reiterated that a deregulated market would naturally encourage lower prices as more refining capacity becomes available.

Similarly, the Nigerian Midstream and Downstream Petroleum Regulatory Authority has insisted that fuel prices should remain cost-reflective under the deregulation framework while urging operators to uphold fair competition and transparent pricing.

The Federal Competition and Consumer Protection Commission has also called for consumers to benefit from lower prices whenever market conditions improve.

The latest reduction adds to a series of price cuts introduced by the Dangote refinery since it began large-scale supply of petrol to the domestic market, reinforcing its growing influence on fuel pricing in Nigeria.