IBEJU-LEKKI, Nigeria – In a notable move that will impact the Nigerian petroleum market, the Dangote Petroleum Refinery has reduced the ex-gantry price of Premium Motor Spirit (PMS), commonly known as petrol, to N835 per litre.
This marks the second price cut within a week, following an earlier reduction to N865 per litre six days ago.
Sources within the refinery confirmed the price change, which reflects ongoing adjustments in response to market conditions.
This reduction in petrol prices aligns with the government’s broader strategy to support local refining efforts and reduce the country’s dependence on foreign imports.
The price reduction follows a key announcement by the federal government on April 9, 2025, confirming the continuation of the Naira-for-Crude Oil deal, which initially ended on March 31.
The deal, which is part of the government’s initiative to strengthen local refining capabilities and reduce reliance on foreign currency for petroleum imports, was reaffirmed by the finance ministry.
The government emphasized that this strategic initiative is integral to boosting energy security, enhancing domestic refining, and stabilizing the petroleum sector.
The Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) also reported that, as of mid-April, Nigeria’s petrol imports had decreased by 29.9 million litres over the past eight months.
This reduction is attributed to the increasing contributions from local refineries like the Dangote Refinery, which is helping to ease the nation’s reliance on imported petroleum products.
Farouk Ahmed, CEO of NMDPRA, highlighted that the current ex-gantry price of petrol in Nigeria remains significantly lower than that in neighbouring West African countries.
This price disparity reflects the ongoing efforts to ensure that Nigeria’s domestic market remains competitive while supporting the nation’s refining capacity.
