Dangote Refinery said its retail partners will now offer petrol at N890 to N920 in Lagos, Abuja, and other parts of the country.
By Kehinde Okeowo
The decision of Dangote Refinery to lower the ex-depot price of Premium Motor Spirit (PMS) otherwise known as petrol has unsettled importers of the commodity in the country.
Speaking with Daily Post, the spokesperson of the Independent Petroleum Marketers Association of Nigeria (IPMAN), Chinedu Ukadike, said the decision means importers of petrol in Nigeria are on the verge of losing billions of naira.
His comment follows Dangote Refinery’s announcement of a fresh petrol gantry price reduction to N835 per litre from the initial N835 on Wednesday.
The Lagos based refinery’s latest petrol price review is the second in eight days following the renewal of the Naira-for-crude sale deal on April 9, 2025.
In a statement by Dangote Group’s spokesperson, Anthony Chiejiena, on the latest price reduction, he said that petrol retail partners, such as MRS, AP (Ardova), Heyden, Optima Energy, Hyde, and Techno Oil, will offer petrol at N890 to N920 in Lagos, Abuja, and other parts of the country.
He went on to say in Lagos state retail fuel prices will now go for N890 per litre, down from N920.
He also said retail fuel prices will be sold at N900 and N910 per litre in the South-West, North-West, and North-Central, from N930 and N940, respectively.
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Chijiena added that in the South-East, South-South, and North-East, the retail price of petrol will be N920 per litre, down from N950.
He continued, “These price reductions reaffirm our commitment to providing high-quality petrol at affordable rates, benefiting consumers across the nation.
“In addition, we are working collaboratively with our partners to ensure equitable reflection of this price reduction.
“We anticipate that this latest reduction in PMS prices will generate a positive ripple effect throughout various sectors of the economy, providing much-needed relief to consumers and contributing to broader economic growth, particularly during the Easter season.”
Reacting, Ukadike, who lauded the adjustment in the gantry prices of Dangote Petrol, however, lamented that marketers who have old stocks have to sell at losses.
“It is a good development for Nigerians; however, marketers with the old price stock will have to lose billions of naira.
“The continuation of the naira-for-crude deal, which serves as a subsidy, together with lower crude oil prices in the global market, is the game changer for Dangote Refinery,” he said.
Prior to this, the president of the Petroleum Retailers Outlets Owners Association of Nigeria, Billy Gillis-Harry, had kicked against the arbitrary petrol price reduction by Dangote Refinery.
He advocated for a six-month fuel price stability plan.
