The Dangote refinery has once again reduced the price of Premium Motor Spirit (PMS), commonly known as petrol, now offering it at ₦835 per litre.
This latest adjustment marks a ₦15 reduction in the loading cost for petrol, bringing the ex-depot rate down to ₦835 per litre.
Just six days prior, the price stood at ₦865 per litre, reflecting a 3.5% decrease, and last Wednesday, it was ₦880 per litre, resulting in a ₦30 and ₦45 reduction, respectively.
Remarkably, this is the third time in under six weeks that the Dangote refinery has lowered its petrol prices.
The new pricing includes charges imposed by the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), ensuring compliance with regulatory standards.
According to a document detailing the revised price structure, PMS at the gantry will now be sold for ₦835 per litre, incorporating NMDPRA’s statutory levies, while coastal sales remain temporarily suspended.
In addition to petrol, the refinery has set the diesel gantry price at $608 per unit plus a $70 surcharge, payable either in naira at an exchange rate of ₦1,650 per dollar or directly in USD. Coastal sales for diesel are also on hold.
Jet fuel is being offered at $664.75, accompanied by a $42 gantry surcharge and a $22 coastal surcharge.
Meanwhile, prices for cooking gas at both gantry and coastal points are currently on hold, suggesting potential future updates.
This price reduction follows a drop in the landing cost of imported petrol, which fell to ₦853 per litre on Tuesday, fueling speculation about further cuts.
Marketers have secured regulatory approval to import 117,000 metric tonnes of petrol, equivalent to 156.897 million litres, between April 8 and 16, 2025, to enhance fuel supply across Nigeria.
Data from the Nigerian Ports Authority and the Major Energies Marketers Association of Nigeria indicate that six vessels carrying this volume arrived via Tin Can Port in Lagos and Calabar Port in Cross River State.
The landing cost for imported petrol decreased to ₦853 per litre, down from ₦856.75 per litre last Monday and ₦852.02 on Tuesday, reflecting a ₦3 reduction.
On-the-spot sales at the NPSC-NOJ terminal have dropped to ₦853.12 per litre, while the 30-day average cost has declined to ₦844.84 per litre.
These price movements align with the reinstatement and full implementation of the Naira-for-Crude agreement with local refiners, previously suspended.
The Ministry of Finance confirmed this development in a statement last week, titled “Update on the Crude and Refined Product Sales in Naira Initiative,” shared on its official X handle.
The statement followed a Tuesday meeting between Finance Minister Wale Edun and Dangote refinery representatives to review progress and address implementation challenges.
The ministry emphasized that this policy is a long-term strategy to reduce Nigeria’s reliance on foreign exchange for petroleum products.
It further noted that the initiative aims to promote sustainable local refining and strengthen energy security nationwide.
