The Dangote Refinery has further slashed the ex-depot price of Premium Motor Spirit (PMS), popularly known as petrol, to N835 per litre—its second price reduction in less than a week.
This latest adjustment marks a N30 drop from the previous rate of N865 per litre set six days ago, and a total reduction of N45 from the earlier price of N880 per litre recorded at the start of last week.
In a statement issued on Wednesday by Anthony Chiejina, Chief Branding and Communications Officer of Dangote Group, the revised pricing will take effect across all partner retail outlets.
The new regional pump prices are as follows:
- Lagos: N890 per litre (down from N920) — key partners include MRS, AP (Ardova), Heyden, Optima Energy, Hyde, and Techno Oil.
- South-West: N900 per litre (down from N930)
- North-West & North-Central: N910 per litre (down from N940)
- South-East, South-South & North-East: N920 per litre (down from N950)
“These price reductions reaffirm our commitment to providing high-quality petrol at affordable rates, benefiting consumers across the nation,” the statement emphasized.
This move comes just days after the refinery implemented a N15 reduction in its gantry (loading) price, signaling a sustained downward pricing trend. However, oil marketers have yet to reflect these reductions at retail stations, as pump prices remain largely unchanged across many parts of the country.
“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,” the company noted.
Industry analysts interpret Dangote Refinery’s pricing approach as a strategic attempt to capture market share, undercut imported fuel, and exert downward pressure on domestic fuel prices.
The recent adjustments may also be influenced by global market dynamics—specifically, a 13% drop in crude oil prices this month, which have fallen to around $64 per barrel, amid intensifying global trade tensions.
Why this matters
The Dangote Refinery, with its 650,000 barrels-per-day capacity, is Africa’s largest and one of the most strategic infrastructure investments in Nigeria’s energy sector. By refining locally and gradually replacing imports, the facility has the potential to stabilize fuel supply, reduce forex pressure, and lower fuel prices for Nigerian consumers in the long term.
With global oil prices remaining volatile and the naira still struggling to regain ground, the refinery’s pricing decisions could help cushion Nigerians from the full impact of external shocks—provided the supply chain passes on the cost benefits.
More insights
Earlier this month, the Federal Government maintained its commitment to the Crude and Refined Product Sales in Naira initiative, describing it as important to alleviating the country’s foreign exchange (forex) pressures and ensuring long-term energy security.
This reaffirmation came during a high-level update meeting of the Technical Sub-Committee on the Crude and Refined Product Sales in Naira on April 7.
In attendance were senior officials from across the oil and gas value chain, including the Chief Financial Officer of NNPC Limited, Mr. Dapo Segun, representatives from NNPC Refineries and NNPC Trading, Dangote Petroleum Refinery and Petrochemicals, as well as key regulatory stakeholders such as the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), the Central Bank of Nigeria (CBN), Nigerian Ports Authority (NPA), and a representative of Afreximbank.
