Dangote Cuts Petrol Price Again as Fuel Imports Soar
The Dangote Petroleum Refinery has once again reduced the pump price of Premium Motor Spirit (PMS), also known as petrol, across Nigeria. This latest move sees petrol now priced between ₦875 and ₦905 per litre, depending on the location, marking a ₦15 reduction from previous rates.
The refinery announced the change on Thursday via its official social media platforms. The new prices apply to all its major partners, including MRS, Ardova, Heyden, Optima Energy, Techno Oil, and Hyde Energy. In Abuja, for instance, Optima Energy adjusted its pump price to ₦895 per litre as of Thursday evening.
This price drop comes amid fierce competition between local refiners and petrol importers as they jostle for dominance in the downstream oil sector. Recently, several marketers resumed large-scale petrol importation, leading to increased supply in the market. According to The PUNCH, over 496 million litres of petrol were imported into Nigeria in just nine days.
A report by Argus also revealed that the Dangote refinery is set to receive nine million barrels of U.S. light sweet WTI crude in June — the highest monthly volume since operations began in early 2024. Among these, trading firms like Vitol and Petraco are responsible for multiple shipments.
Previously, Lagos residents paid ₦890 per litre, while consumers in the North-East and South-South paid as much as ₦920. With the new adjustment, Lagos now pays ₦875, the South-West ₦885, the North-East and South-South ₦905, and the North-West and Central ₦895.
Dangote Refinery urged consumers to buy fuel only from authorized partner stations and report any stations not complying with the new pricing using their hotline numbers: +234 7074702099 or +234 7074702100. They also assured Nigerians that their refined products are cleaner and enhance engine performance.
The refinery stated that this reduction is linked to the reintroduction of a customer refund benefit that was recently restored. This development reflects the company’s commitment to affordable fuel pricing, despite ongoing fluctuations in global crude prices.
However, while consumers may benefit, the situation has negatively impacted independent fuel marketers. According to the Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN), over 4,900 of its 7,000 members have closed their stations due to financial strain and a lack of bank loans. PETROAN President Billy Gillis-Harry noted that most small operators cannot compete in the current environment.
Meanwhile, the Nigerian National Petroleum Company (NNPC) has allocated six crude oil cargoes to Dangote for June, totaling six million barrels. These include medium and light sweet crude types such as Escravos, Brass River, Bonny Light, Okwuibome, and Yoho.
Traders now await NNPC’s official price for June, which is expected by the end of May. Even a slight increase could make Nigerian crude less attractive than WTI, posing new challenges for the local oil sector.
