Petrol prices in Nigeria could fall further to around N800 per litre in the near future, as a result of a sustained decline in global crude oil prices and the reintroduction of the naira-for-crude swap deal for domestic refiners, according to insights shared by oil marketers and energy analysts on Wednesday.
The potential price drop comes as the Dangote Petroleum Refinery again slashed its ex-depot rate for Premium Motor Spirit (PMS), reducing it to N835 per litre—its second downward revision in less than a week.
Experts in the downstream sector suggest the N800/litre benchmark could be attainable if crude oil prices fall closer to $50 per barrel and marketers reduce their dependence on foreign exchange to procure refined products. As of Wednesday, Brent crude—the international oil price benchmark—was trading around $65 per barrel.
In a continued effort to offer competitive pricing, the Dangote refinery announced another reduction in the price of its refined petroleum products, lowering its ex-depot rate for petrol to N835 per litre. This new rate marks a N30 drop from the previous N865 per litre set six days earlier, equating to a 3.5 per cent decrease, and a N45 reduction from the N880 per litre sold by the plant just a week ago.
This latest move represents the third time in six weeks that the Dangote facility has adjusted prices downward. A pro forma invoice obtained by our correspondent, alongside independent checks on the website petroleumprice.ng, confirmed the latest pricing update.
In a statement confirming the price reduction, the Group Chief Branding and Communications Officer, Anthony Chiejina, noted that the refinery had reduced its gantry price in a bid to provide Nigerians with high-quality fuel at more affordable prices, aiming to ease the financial burden on end-users.
The statement also clarified that the revised pricing includes statutory charges imposed by the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA). According to the updated pricing document, the new gantry price for PMS now stands at N835 per litre, inclusive of NMDPRA levies, while coastal product sales remain suspended.
For diesel, the gantry price is fixed at $608, with an additional surcharge of $70, payable either in naira at a rate of N1,650 to the dollar or in USD. Coastal sales of diesel are also currently on hold. Jet A1 fuel (aviation fuel) will be sold at $664.75, with a gantry surcharge of $42 and a coastal surcharge of $22. Prices for Liquefied Petroleum Gas (LPG), both at gantry and coastal depots, are also currently on hold.
The statement further revealed that the refinery’s key distribution partners would retail the petrol between N890 and N920 per litre. These partners include MRS, AP (Ardova), Heyden Petroleum, Optima Energy, Hyde Energy, and Tecno Oil.
“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 Wednesday, April 16, 2025. This is the second price drop within one week,” the statement read.
It continued, “Key marketing partners such as MRS, AP (Ardova), Heyden, Optima Energy, Hyde, and Tecno Oil will retail petrol at N890 per litre in Lagos, down from N920. In the South-West region, the new pump price will be N900 per litre, reduced from N930. For the North-West and North-Central regions, prices will drop to N910 from N940. In the South-East, South-South, and North-East, consumers will pay N920 per litre, compared to the previous rate of N950.”
Chiejina expressed optimism that the price reductions would have a ripple effect across the wider economy, alleviating cost pressures on consumers and fostering economic resilience.
He added, “Dangote Petroleum Refinery has remained committed to consistently lowering the prices of petrol and other refined petroleum products for the benefit of Nigerians. For instance, in February, the refinery implemented two separate price reductions totalling N125. Additionally, the prices of diesel and Liquefied Petroleum Gas (LPG) have seen notable declines due to the refinery’s sustained pricing strategy.”
“We expect this latest decrease in PMS pricing to positively impact multiple sectors of the economy, bringing much-needed financial relief to Nigerians and supporting overall economic growth, especially during the Easter period,” he noted.
Chiejina reiterated that the refinery’s mission remains centred on ensuring the steady availability of premium-grade petroleum products within the domestic market, alongside surplus volumes for export. This dual approach, he said, is expected to support market stability while contributing to the enhancement of Nigeria’s foreign exchange earnings.
He also called on marketers and distributors within the industry to continue sourcing their supplies from the Dangote refinery to ensure that the price cuts are effectively passed down to consumers throughout the country.
