Following a recent ₦15 reduction in its loading cost for Premium Motor Spirit (PMS), also known as petrol, the Dangote Refinery has announced another price cut, reducing its ex-depot rate to ₦835 per litre.This new rate represents a ₦30 decrease from the ₦865 per litre set just six days ago, marking a 3.5% reduction, and a ₦45 drop from the ₦880 per litre charged last Wednesday.
This marks Dangote’s third price reduction in less than six weeks.Sources from PUNCH Online confirmed that the refinery notified its customers on Wednesday morning. A pro forma invoice obtained by our correspondent, along with checks on petroleumprice.ng, verified the price change.
The new rate includes charges from the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA).According to the revised pricing document, PMS at the gantry will now be priced at ₦835 per litre, inclusive of NMDPRA statutory levies, while coastal sales remain suspended. The price for diesel at the gantry is set at $608, with an additional $70 surcharge, payable either in naira at ₦1,650/$ or in USD. Jet fuel will be sold at $664.75, with a $42 gantry surcharge and a $22 coastal surcharge. Pricing for cooking gas at both gantry and coastal points remains on hold.
On Wednesday, PUNCH Online indicated a possible price reduction following the drop in the landing cost of imported petrol, which fell to ₦853 per litre on Tuesday. This price adjustment comes as marketers received regulatory approval to import 117,000 metric tonnes (equivalent to 156.9 million litres) of petrol from April 8 to 16, 2025, in a bid to boost nationwide fuel supply. These details were disclosed in documents obtained by our correspondent from the Nigerian Ports Authority and the Major Oil Marketers Association of Nigeria.
Dealers reported that the ₦853 per litre import parity into tanks, covering expenses such as shipping, import duties, and exchange rates, represents a ₦3 decrease from ₦856.75 per litre last Monday and ₦852.02 on Tuesday. Documents revealed that on-the-spot sales at the NPSC-NOJ terminal dropped to ₦853.12 per litre, with the 30-day average cost also falling to ₦844.84 per litre.
During this period, marketers imported six vessels carrying 117,000 metric tonnes of petrol through Tin Can Port in Lagos and Calabar Port in Cross River State. Notably, the ongoing price decline aligns with the resumption and full implementation of the Naira-for-Crude agreement with local refiners, following its previous suspension.
The Ministry of Finance provided an update in a statement published last week on its official X handle, titled “Update on the Crude and Refined Product Sales in Naira Initiative. “This update followed a meeting between Finance Minister Wale Edun and representatives from Dangote Refinery—a key participant in the initiative—to review progress and address ongoing implementation challenges.
The ministry emphasized that the policy is not a short-term measure but a long-term strategy aimed at reducing Nigeria’s reliance on foreign exchange for petroleum products. It also highlighted that the initiative is crucial for supporting sustainable local refining and enhancing energy security.
Source : https://punchng.com/
