For the second time in just one week, Dangote Petroleum Refinery has reduced the cost of premium motor spirit (PMS), commonly known as petrol. The refinery announced that effective April 16, 2025, the ex-depot price will drop from ₦865 to ₦835 per litre.
Despite this move, retail pump prices remain largely unchanged at many filling stations across the country, including outlets operated by the Nigerian National Petroleum Company Limited (NNPCL).
The recent reduction comes on the heels of a previous price slash from ₦880 to ₦865 per litre, signaling the refinery’s ongoing effort to make petrol more affordable. However, marketers are reacting cautiously, with some expressing concern over what they describe as “unpredictable” pricing, which they say complicates planning and profitability.
Anthony Chiejina, spokesperson for Dangote Industries, confirmed that major retail partners such as MRS, Ardova (AP), Heyden, Optima Energy, Hyde, and Techno Oil have been instructed to adjust their pump prices accordingly. In Lagos, prices are expected to fall to ₦890 per litre, down from ₦920. In the South West, the new price is ₦900, while North West and North Central zones are to expect ₦910. The South East, South South, and North East regions will now see a price of ₦920 per litre—₦30 cheaper than before.
“This reduction is part of our broader effort to offer high-quality fuel at more competitive prices and ease economic pressure on Nigerians,” the statement read. Chiejina added that the refinery has steadily lowered prices across its range of products, including diesel and liquefied petroleum gas (LPG), since operations began.
The company urged distributors to pass the savings on to end-users and emphasized the refinery’s commitment to meeting local demand and contributing to the nation’s foreign exchange reserves through exports.
It is believed that the drop in international crude oil prices influenced this latest adjustment. Global markets have seen recent fluctuations due to shifting sentiments around the U.S.-China trade relationship. Brent crude, for instance, climbed 2% earlier in the day to $66.02 per barrel before dipping slightly to $65.77 later.
Fuel Stations Yet to Reflect New Pricing
Despite the price cut at the depot level, retail stations across the country are slow to respond. In Kano, independent retailers continue to sell petrol at up to ₦990 per litre, while NNPC and MRS stations are dispensing at ₦945. Maiduguri stations list prices between ₦950 and ₦980. Abuja fares slightly better, with NNPCL selling at ₦950 and other stations offering rates between ₦955 and ₦960.
Although NNPCL usually aligns its prices with Dangote’s refinery rates, there has been no official adjustment at the time of reporting.
Mixed Reactions from Marketers
Reacting to the development, the Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN) welcomed the reduction but raised concerns about frequent, unstructured price shifts. PETROAN President, Dr. Billy Gillis-Harry, warned that such volatility could discourage long-term investment in the sector.
“We’re happy to see a drop in prices. It shows progress in making energy more accessible,” he said. “However, without predictability, we risk creating instability in the downstream sector. Price changes should reflect market conditions and not seem arbitrary.”
Gillis-Harry suggested a 180-day stabilization window to allow stakeholders to assess trends and reduce investment risks. He urged regulatory agencies like the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) and the Federal Competition and Consumer Protection Commission (FCCPC) to monitor market behavior and discourage monopolistic practices.
Veteran petroleum marketer Otunba Adetunji Oyebanji echoed similar sentiments, describing the ongoing price shifts as normal in a deregulated market. “This is what market competition looks like. When crude prices shift or the exchange rate changes, the impact is felt across the value chain,” he said.
He added that while some outlets may delay reflecting the new prices due to existing stock purchased at higher rates, the market will eventually balance itself out.
