The Dangote Petroleum Refinery has lowered the ex-depot price of Premium Motor Spirit (PMS), commonly known as petrol, from N880 to N865 per litre.
This 1.7 percent reduction comes in response to the recent fall in crude oil prices, which dropped to $63 per barrel in April from over $70 in March 2025.
Industry sources confirmed that oil marketers, including MRS, have begun lifting petrol from the Dangote Refinery at the new rate.
The refinery, which boasts a processing capacity of 650,000 barrels per day, has started distributing fuel at the adjusted price.
As a result, some fuel retailers such as MRS and Adorva are expected to revise their pump prices downward—from above N930 to approximately N910 per litre.
Speaking to Vanguard, President of the Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN), Billy Gillis-Harry, expressed hope that the lower ex-depot price would translate into relief for consumers.
He said the reduction could lead to more affordable prices at filling stations across the country.
However, the drop in crude oil prices has raised concerns about its broader economic implications. Dr. Muda Yusuf, Chief Executive Officer of the Centre for the Promotion of Private Enterprise (CPPE), warned that the decline poses a threat to Nigeria’s 2025 budget.
He pointed out that the budget is based on a crude oil benchmark of $75 per barrel, while current prices have fallen to around $60 per barrel.
Dr. Yusuf explained that this shortfall could impact government revenue, with 60 to 70 percent of income derived from oil and gas. He also noted the potential consequences for Nigeria’s foreign exchange reserves, cautioning that continued pressure on the naira could further weaken the exchange rate and adversely affect the economy.
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