The Dangote Refinery has announced another reduction in the price of Premium Motor Spirit (PMS), commonly known as petrol, slashing its ex-depot rate to ₦835 per litre. This marks a ₦30 decrease from the previous rate of ₦865 per litre and a ₦45 drop from the ₦880 per litre price recorded just a week ago.
This latest adjustment, the third in less than six weeks, underscores the refinery’s commitment to making refined petroleum products more affordable. The announcement was confirmed through an internal customer notice circulated on Wednesday. Independent checks on petroleumprice.ng also verified the new pricing.
The updated rate of ₦835 per litre includes statutory levies imposed by the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA). While the new price applies at the gantry, coastal sales remain on hold. In the same pricing structure, diesel is now listed at $608 per tonne with an additional $70 gantry surcharge, payable in naira at ₦1,650/$ or directly in U.S. dollars.
Jet fuel is now priced at $664.75, with a $42 gantry surcharge and an additional $22 for coastal distribution. However, sales of cooking gas remain temporarily suspended, both at gantry and coastal locations.
The price cut follows a drop in the landing cost of imported petrol, which decreased to ₦853 per litre as of Tuesday, down from ₦856.75 the previous day. This decrease comes amid efforts to bolster the national fuel supply. Between April 8 and 16, petroleum marketers received regulatory approval to import 117,000 metric tonnes—equivalent to nearly 157 million litres—of petrol via Tin Can Port in Lagos and Calabar Port in Cross River State.
The spot parity import cost, which includes all associated shipping and exchange rate expenses, is now pegged at ₦853.12 per litre at the NPSC-NOJ terminal, with a 30-day average of ₦844.84 per litre.
The continued price drop also aligns with the relaunch of the Naira-for-Crude policy, a government-backed initiative aimed at reducing Nigeria’s reliance on foreign exchange for petroleum transactions. The Ministry of Finance recently reaffirmed its long-term commitment to the policy after a high-level meeting with officials from Dangote Refinery.
Described as a strategic move to support domestic refining and enhance energy security, the initiative allows local refiners to purchase crude oil in naira, thereby conserving foreign reserves and stabilising the fuel supply chain.
The Dangote Refinery remains a major player in this initiative, benefiting directly from the revised policy framework.
