Dangote Petroleum Refinery has announced a further reduction in the gantry price of Premium Motor Spirit (PMS), commonly known as petrol.
The new ex-depot price is now set at N835 per litre, down from N865, representing a 3.5 per cent decrease. This adjustment follows a recent drop in global crude oil prices, which have fallen to $64 per barrel from over $70 in recent weeks.
This marks the second price cut from the refinery, which had earlier reduced its gantry price from N880 to N865 per litre. However, oil marketers did not reflect that reduction in retail pump prices.
On April 10, 2025, New Daily Prime reported that the Dangote Refinery has notified marketers and its customers of a downward revision in its ex-gantry petrol loading price, reducing the rate to ₦865 per litre.
This represents a ₦15 reduction from the ₦880 per litre at which the facility was selling as of Wednesday.
The refinery communicated the revised price in a customer notice issued on Thursday, April 10, morning. A Pro forma invoice was sighted by our correspondent, along with confirmation from petroleumprice.ng, verified the adjustment.
Earlier in the week, marketers had indicated that a price cut from the 650,000-barrel-per-day refinery was expected by the weekend, a move anticipated to contribute to a broader reduction in fuel prices.
Reacting to the development, the National Publicity Secretary of the Independent Petroleum Marketers Association of Nigeria (IPMAN), Chinedu Ukadike, reaffirmed the likelihood of a price drop, particularly in light of the Federal Executive Council’s (FEC) recent directive on the naira-for-crude policy.
On Wednesday, April 9, the FEC ordered the full implementation of the previously suspended naira-for-crude agreement with local refiners, describing the measure as a strategic and long-term approach to bolstering Nigeria’s refining capacity.
According to the Ministry of Finance, the initiative is not a stopgap solution but a key policy directive aimed at supporting sustainable local refining and enhancing energy security.
A statement released via the ministry’s official X (formerly Twitter) handle, titled “Update on the Crude and Refined Product Sales in Naira Initiative”, outlined the outcome of a meeting held on Tuesday, April 8, between the Minister of Finance, Wale Edun, and representatives of the Dangote Refinery, a major stakeholder in the agreement.
The statement read: “The Technical Sub-Committee on the Crude and Refined Product Sales in Naira initiative convened an update meeting on Tuesday to review progress and address ongoing implementation matters.
“The stakeholders reaffirmed the government’s continued commitment to the full implementation of this strategic initiative, as directed by the Federal Executive Council.”
The ministry reiterated that the policy aims to reduce Nigeria’s reliance on foreign exchange for petroleum imports, stating, “This is not a temporary or time-bound intervention, but a key policy directive designed to support sustainable local refining, bolster energy security, and reduce reliance on foreign exchange in the domestic petroleum market.”
