The loading cost of Premium Motor Spirit (PMS) at private depots in Nigeria dropped to ₦925 per litre on Monday, down ₦27 from ₦952 last Friday. The reduction follows Dangote Petroleum Refinery’s decision to lower its ex-depot price from ₦950 to ₦890 per litre, effective Saturday.

While the price cut benefits consumers in the long run, some marketers who bought fuel at higher rates are now facing losses worth millions of naira. Despite significant price drops across various depots, the reduction has yet to reflect at retail filling stations.

Industry expert Olatide Jeremiah attributed the price shift to Dangote Refinery’s growing influence in the downstream sector, stating that market competition is eliminating price manipulation. He urged regulators to ensure that lower depot prices translate into immediate reductions at the pump.