In a second price cut within one week, Dangote Petroleum Refinery has announced a further reduction in the ex-depot price of Premium Motor Spirit (PMS), popularly known as petrol, from N865 to N835 per litre, effective Tuesday, April 16.
This move, which comes amid ongoing global crude oil volatility, was confirmed by the Group Chief Branding and Communications Officer of Dangote Industries, Anthony Chiejina. He described the development as part of the refinery’s efforts to ensure affordable, high-quality fuel for Nigerians.
However, as of Wednesday evening, most filling stations across the country, including those operated by the Nigerian National Petroleum Company Limited (NNPCL), were yet to adjust their retail pump prices. In some areas, PMS continued to sell for as high as N990 per litre.
According to Dangote, the updated retail prices across partner outlets are as follows:
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Lagos: N890 per litre (down from N920)
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South-West: N900 per litre (from N930)
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North-West/North-Central: N910 per litre (from N940)
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South-East, South-South, North-East: N920 per litre (from N950)
The refinery attributed the latest adjustment partly to fluctuations in global crude oil prices, which briefly rose by over 2% on Wednesday before dropping again by evening. Brent Crude traded at $65.77 per barrel as of 8 p.m.
While petroleum marketers praised the reduction as beneficial to consumers, some expressed concern over the frequency and perceived arbitrariness of the price changes.
Dr. Billy Gillis-Harry, President of the Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN), said although the move promotes energy affordability, frequent changes can hurt investment.
“We’re happy about the price cut, but the market needs stability. Prices should be driven by economic factors, not arbitrary decisions. A 180-day observation window would help determine real trends,” he advised.
Similarly, Otunba Adetunji Oyebanji, a major marketer, argued that fluctuations are expected in a deregulated market, noting that crude prices and exchange rates remain key indicators of fuel pricing.
“This isn’t unusual. In a competitive market, once the largest supplier adjusts, others follow. But some dealers are slow to react because of old stock that must be sold at higher prices to avoid losses,” Oyebanji added.
In major cities like Abuja, Kano, and Maiduguri, filling stations continued to sell petrol at prices ranging between N945 and N990. NNPCL stations in Abuja maintained a pump price of N950 per litre, while independent marketers sold for as high as N960.
Sources suggest that NNPCL and others may adjust their prices soon, as has been the case following previous cuts by Dangote.
The Dangote Refinery emphasized its commitment to stabilizing the domestic market, supporting economic growth, and boosting Nigeria’s foreign exchange reserves by maintaining sufficient domestic supply and surplus for export.
The refinery urged marketers and stakeholders to align with the new prices and ensure Nigerians fully benefit from the ongoing cost reductions.
