The Dangote Petroleum Refinery has announced a fresh reduction in the pump prices of Premium Motor Spirit (PMS), with rates now ranging from N875 to N905 per litre, depending on location. This marks a N15 cut per litre across all regions and affiliated outlets, intensifying competition in Nigeria’s downstream oil sector.
The new pricing, shared Thursday on the refinery’s official social media handle, applies to all major marketers partnering with Dangote, including MRS, Ardova, Heyden, Optima Energy, Techno Oil, and Hyde Energy. For instance, Optima Energy adjusted its pump price in Abuja to N895 per litre as of 8:00 pm the same day.
A regional breakdown reveals:
- Lagos: N875
- South-West: N885
- North-West & Central: N895
- North-East & South-South: N905
- South-East: N905
This latest adjustment follows rising tensions between independent importers and the refinery as both sides battle for market dominance. Just hours earlier, News Review reported the resumption of large-scale petrol importation by independent marketers. Over 496 million litres were brought in between May 11 and 20, as confirmed by the Tanker Position Report sourced from Blue Sea Maritime.
Meanwhile, Dangote disclosed it is expecting nine million barrels of U.S. WTI crude in June—the highest monthly intake since operations began in early 2024. Trading giants Vitol and Petraco reportedly supplied the shipments, according to data from Vortexa and Argus.
The refinery attributed the price cut to a naira-for-crude deal that lowered input costs. It assured Nigerians of price stability and emphasized its commitment to economic relief despite global oil price volatility. “Our petrol and diesel are refined to enhance engine performance and remain eco-friendly,” said Anthony Chiejina, Group Chief Branding and Communications Officer.
Consumers have been urged to patronize only partner outlets and report any non-compliance via +234 7074702099 or +234 7074702100.
However, not all players are cheering the move. The Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN) revealed that over 70% of its 7,000 outlets have shut down, citing harsh operating conditions and lack of access to loans. That’s over 4,900 stations now closed.
PETROAN President Billy Gillis-Harry lamented, “We struggle to access bank loans, and it’s crippling our businesses.”
Additionally, Argus reported that the NNPC has allocated six June-loading cargoes—including Escravos, Brass River, Bonny Light, Okwuibome, and Yoho—to Dangote, totaling 6 million barrels. However, traders fear even slight increases in NNPC’s official prices could reduce the competitiveness of Nigerian crude compared to WTI.
The fuel price war is far from over.
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