The price of Premium Motor Spirit (PMS), commonly known as petrol, has dropped again as Dangote Refinery reduced its ex-depot price from N865 to N835 per litre. This new reduction was confirmed in a statement released by the refinery, which is located in Lagos, on Wednesday morning.
This latest adjustment marks a N30 cut in the ex-depot price, signaling another round of relief for fuel marketers and potentially for Nigerian consumers as well. With the new pricing in place, key retail partners of the refinery—such as MRS Oil & Gas, Ardova Plc, and Heyden—are expected to lower their pump prices from the current rate of N940 per litre in the coming days.
The decrease in fuel price follows an earlier cut by the refinery from N880 to N865 per litre, showing a consistent downward trend. The changes reflect efforts to stabilize domestic fuel supply and reduce the cost burden on citizens.
Supporting the move, recent documents from the Nigerian Ports Authority (NPA) and the Major Energies Marketers Association of Nigeria revealed that marketers received regulatory clearance to import 117,000 metric tonnes of petrol. This quantity, equivalent to 156.9 million litres, was brought in between April 8 and April 16, 2025, to boost fuel availability across the country.
According to reports by INFORMATION NIGERIA, this continued drop in petrol prices is closely linked to the full implementation of the Naira-for-Crude oil agreement. The policy, which allows local refiners to access crude oil in exchange for naira, had been suspended earlier but is now being fully enforced again.
The Ministry of Finance confirmed this development last week through a statement released after a high-level meeting. The meeting, held on Tuesday, brought together Finance Minister Wale Edun and representatives from Dangote Refinery to assess the progress of the agreement and resolve any outstanding implementation issues.
With local production ramping up and policy measures taking effect, industry stakeholders are optimistic that fuel prices will continue to move in a favorable direction for Nigerian consumers.
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