According to BusinessDay, billionaire Aliko Dangote has announced a N100 reduction in the ex-depot price of Premium Motor Spirit (PMS) produced at his Lekki refinery. Accompanying this price drop is a bold declaration that the era of fuel queues in Nigeria is officially “gone for good,” as the facility now meets over 90% of national demand.
The refinery’s ramp-up has drastically altered the downstream landscape, leading the Federal Government to suspend new petrol import licenses for the second month running. This shift toward local refining is expected to ease the pressure on the Naira by reducing the massive foreign exchange demand for fuel imports.
Premium Times validated the price adjustment, quoting an official who stated, “Market forces are finally reacting to local production capacity.” Meanwhile, Channels TV reported that “commuters in Lagos and Abuja have begun seeing the impact at the pumps.”
Echotitbits take: While the price cut is a relief, the government’s decision to halt imports creates a near-monopoly. The long-term watch will be on whether the NMDPRA can effectively regulate a single dominant private supplier to prevent future price shocks.
Source: BusinessDay – https://businessday.ng/news/article/dangote-slashes-pms-price-by-n100-declares-fuel-scarcity-gone-for-good/, March 11, 2026
Photo credit: BusinessDay
