The Dangote Refinery has reduced the ex-depot price of Premium Motor Spirit (PMS) to N835 per litre, marking a fresh N30 cut from the previous rate of N865. The change, communicated to marketers on Wednesday morning, signals the second fuel price drop in under a week by the $20 billion facility.
Retail prices at affiliated filling stations, such as those operated by MRS, are expected to reflect the reduction in the coming days, with pump rates likely falling below the current N940 per litre.
This latest price movement comes amid ongoing efforts to stabilize fuel availability and cost across the country. According to newly obtained documents from the Nigerian Ports Authority and the Major Energies Marketers Association of Nigeria, marketers received approval to import 117,000 metric tonnes of petrol between April 8 and 16—equivalent to nearly 157 million litres.
Industry stakeholders view the combined effect of local refining and approved imports as a positive sign. However, some caution that broader economic conditions continue to apply upward pressure on fuel prices.
“The eventual renewal of the naira-for-crude deal between the government, Dangote Refinery, and others won’t crash prices significantly,” noted the Independent Petroleum Marketers Association. “The forces of demand and supply, along with naira depreciation, still influence pricing.”
Nonetheless, Dangote’s back-to-back price cuts may ease consumer pressure as Nigerians face persistent inflation and energy costs. Analysts suggest that sustained output from the refinery could eventually drive more competition in the downstream market.
The Dangote Refinery, located in Lagos, is Africa’s largest and is expected to play a major role in reducing Nigeria’s reliance on imported refined fuel.
