In a strategic move to further cushion the effects of Nigeria’s fuel crisis, the Dangote Petroleum Refinery and Petrochemicals has slashed the wholesale price of Premium Motor Spirit (PMS) to N835 per litre, a 3.5% reduction from the N865 announced just six days ago.
This latest adjustment—announced via an official notice to marketers on Wednesday—marks the third price cut by the Dangote Refinery in under six weeks. The price had initially dropped from N880 to N865, and now to N835, reflecting the company’s ongoing efforts to ease the financial burden on citizens and stabilize the downstream market.
Despite these consistent downward adjustments in ex-depot prices, Nigerians are yet to experience any tangible relief at the pump. Petrol prices across retail stations have largely remained static, prompting growing frustration among consumers who had hoped the refinery’s interventions would lead to a drop in pump prices.
Industry analysts argue that this stagnation underscores a systemic failure in the enforcement of pricing regulations within Nigeria’s downstream sector. While Dangote’s bold reductions suggest a commitment to easing economic pressure, the absence of regulatory oversight means oil marketers are under no immediate compulsion to align pump prices with wholesale adjustments.
“The Dangote Refinery is clearly playing its part, but the benefits are being hoarded somewhere along the distribution chain,” said a downstream market expert. “Without transparent mechanisms and strong regulatory enforcement, consumers will continue to suffer despite falling wholesale prices.”
The development has triggered louder calls for transparency, accountability, and a review of the pricing framework governing petroleum products in Nigeria. Stakeholders and civil society groups are demanding that the government and relevant agencies take swift action to ensure that the refinery’s goodwill translates to real gains for ordinary Nigerians.
As Africa’s largest oil refinery continues to show willingness to drive market reform, all eyes are now on the marketers and the regulators to break the bottleneck between wholesale cuts and retail price relief.
PIONEER NEWS 