The Dangote Petroleum Refinery has reduced its ex-gantry price of Premium Motor Spirit, popularly known as petrol, from N1,125 per litre to N1,075 per litre.

The N50 per litre reduction, representing a 4.4 per cent decrease from the previous price, is expected to further intensify competition in Nigeria’s downstream petroleum sector.

This is the refinery’s second price cut within a week. The ex-gantry price had earlier been reduced from N1,175 per litre to N1,125 per litre before the latest adjustment to N1,075 per litre.

It is reported on Thursday that the refinery has aligned its coastal loading price with the ex-gantry price at N1,075 per litre, eliminating the previous price difference between coastal and gantry sales.

A senior official at the Dangote Petroleum Refinery, who confirmed the development on condition of anonymity because he was not authorised to speak publicly, said the new pricing regime took immediate effect, according to The Punch.

“The refinery has reduced the ex-gantry price of PMS from N1,125 per litre to N1,075 per litre. The coastal loading price has also been adjusted to N1,075 per litre. This is part of the refinery’s efforts to make products more accessible and competitive in the market,” the official said.

The official also disclosed that the refinery had suspended its 20-member consortium arrangement, allowing all qualified petroleum marketers to load products directly from the facility.

“The consortium arrangement has been cancelled. Loading at both the gantry and coastal terminals is now open to all marketers who meet the necessary requirements. The objective is to deepen market access and ensure seamless distribution of products across the country,” the source added.

The latest price reduction is expected to prompt filling stations, particularly those sourcing products directly from the refinery, to lower their pump prices in the coming days.

The development comes amid growing competition in the downstream petroleum sector and renewed efforts by the Federal Government to ensure Nigerians reap the benefits of the deregulated petroleum market.