In a move expected to provide relief to consumers nationwide, several major downstream petroleum marketing companies have announced adjustments to their petrol pump prices. This development follows a recent reduction in the ex-depot price of Premium Motor Spirit (PMS) by the Dangote Petroleum Refinery, as confirmed by company sources.
Effective Wednesday, April 16, 2025, the Dangote Petroleum Refinery lowered its ex-depot price of PMS to N835 per litre from the previous rate of N865 per litre. This price adjustment has prompted leading marketers, including Ardova (AP), MRS, Heyden, Optima Energy, and Tecno Oil, to revise their retail prices across different regions of the country.
According to reports from a reputable news publication, the adjusted pump prices in key regions are as follows:
- Lagos: N890 per litre (down from N920)
- South-West: N900 per litre (down from N930)
- North-West and North-Central: N910 per litre (down from N940)
- South-East, South-South and North-East: N920 per litre (down from N950)
The price reductions are anticipated to ease the financial burden on motorists and transport operators, particularly during the Easter period which typically sees increased travel and demand for fuel.
In a statement released by the Dangote Refinery, the company affirmed that these price adjustments are part of a broader strategy aimed at stabilising fuel prices, ensuring consistent supply, and mitigating inflationary pressures within the Nigerian economy. The statement further emphasized the refinery’s ongoing commitment to reducing the cost of petrol and other refined petroleum products for the benefit of Nigerian consumers.
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“Dangote Petroleum Refinery has consistently worked to reduce the prices of petrol and other refined petroleum products, ensuring the continued benefit of Nigerian consumers,” the company stated. “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.”
The Dangote Refinery has also urged industry stakeholders, including marketers and distributors, to continue sourcing their products from the refinery to ensure that the benefits of these price reductions are fully passed on to consumers across the nation
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It is noteworthy that this price adjustment by Dangote Refinery comes after an earlier reduction in the Nigerian National Petroleum Company Limited (NNPCL)’s pump price to N910 per litre, a decrease of N15 from its previous rate of N925 per litre. Despite this, the current retail prices of petrol from Dangote Refinery and its partner marketers remain competitive.
While these price reductions have been welcomed by consumers, a report by S&P Global suggests that the decrease in petroleum product prices by the Dangote Refinery may not be significant when compared to the overall decline in global oil prices. The report indicated that the refinery’s gantry prices have not been lowered substantially enough, making the importation of petrol still an attractive option.
Nevertheless, the immediate impact of the reduced pump prices is expected to provide a measure of economic relief to Nigerians during this festive season. Relevant government agencies will continue to monitor the situation to ensure fair pricing and supply stability across the country.
