The decline in crude oil prices, along with the reinstatement of the naira-for-crude exchange for local refiners, could drive the pump price of Premium Motor Spirit (petrol) down to around N800 per litre in the coming weeks or months, according to oil marketers and industry analysts on Wednesday.
This development follows another price cut by the Dangote Petroleum Refinery, which reduced its ex-depot price for PMS to N835 per litre — the second reduction within a week.
Industry experts noted that a further drop in crude oil prices to $50 per barrel, combined with reduced reliance on foreign exchange for product purchases, could make the N800 per litre target feasible. As of Wednesday, Brent crude, the global benchmark, was trading at about $65 per barrel.
DANGOTE REFINERY SLASHED ITS PETROL PRICE
On the same day, the Dangote refinery once again slashed its petrol price, bringing it down to N835 per litre — a N30 reduction from the N865 per litre price set six days earlier, representing a 3.5% drop. This is also a N45 decrease from the N880 per litre rate offered the previous Wednesday.
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This latest adjustment marks the refinery’s third price cut in six weeks. A pro forma invoice reviewed by our correspondent, along with checks on petroleumprice.ng, confirmed the new pricing.
In a statement, the Group’s Chief Branding and Communications Officer, Anthony Chiejina, affirmed the refinery’s commitment to delivering high-quality petrol at more affordable rates to benefit consumers nationwide.
The statement noted that the new pricing includes charges imposed by the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA).
According to the updated pricing document, Premium Motor Spirit (PMS) will now be sold at the gantry for N835 per litre, inclusive of all NMDPRA statutory levies, while coastal sales remain suspended. The diesel gantry price is listed at $608, with an additional $70 surcharge, payable either in naira at an exchange rate of N1,650 per dollar or in US dollars.
Coastal sales for diesel are also currently suspended. Jet fuel is priced at $664.75, with a $42 gantry surcharge and a $22 coastal surcharge. Prices for Liquefied Petroleum Gas (cooking gas) at both gantry and coastal points are presently on hold.
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The statement further indicated that the refinery’s distribution partners—MRS, AP (Ardova), Heyden, Optima Energy, Hyde, and Tecno Oil—will retail the products at prices ranging between N890 and N920 per litre.
DANGOTE PETROLEUM REFINERY STATEMENT
The statement read,
Dangote Petroleum Refinery is pleased to announce a reduction in the gantry price of Premium Motor Spirit, commonly known as petrol, from N865 to N835, effective from Wednesday, 16th April 2025. This marks the second price reduction within a week.
Key partners, including MRS, AP (Ardova), Heyden, Optima Energy, Hyde, and Tecno Oil, will offer petrol at N890 per litre, down from N920 in Lagos. In the South-West, the price will be N900 per litre, reduced from N930.
In the North-West and North-Central, the price will be N910 per litre, lowered from N940. In the South-East, South-South, and North-East, the price will be N920 per litre, down from N950.
Chiejina went on to express confidence that the latest cut in PMS prices would have a positive ripple effect across multiple sectors of the economy, offering much-needed relief to consumers and supporting overall economic growth.
He added,
Dangote Petroleum Refinery has consistently worked to reduce the prices of petrol and other refined petroleum products, ensuring the continued benefit of Nigerian consumers. For example, in February, the refinery reduced prices twice by N125. In addition, products such as diesel and Liquefied Petroleum Gas have also experienced significant price reductions due to the refinery’s sustained efforts.
We anticipate that this latest reduction in PMS prices will generate a positive ripple effect throughout various sectors of the economy, providing much-needed relief to consumers and contributing to broader economic growth, particularly during the Easter season.
Dangote Petroleum Refinery remains steadfast in its commitment to ensuring a steady supply of premium-quality petroleum products, with sufficient reserves to meet domestic demand, along with a surplus for export. This strategy is designed to support the stability of the domestic market while also contributing to the growth of Nigeria’s foreign exchange reserves.
Furthermore, Dangote Petroleum Refinery calls on industry stakeholders, including marketers and distributors, to continue sourcing their products from the refinery, ensuring that the benefits of these price reductions are fully realised across the country.
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