NewStats: 3,259,825 , 8,170,943 topics. Date: Monday, 26 May 2025 at 05:18 AM 4w2e6p

By Abdullateef Aliyu and Faruk Shuaibu


Despite consistent reduction in price of motor spirit (PMS) otherwise known as petroleum by Dangote Petroleum Refinery and Petrochemicals, the price of the product remains very high, analysis by Daily Trust has shown.

Yesterday, the refinery announced another reduction of N15 in the price of its high-quality Motor Spirit (PMS).

As a result of this reduction, Nigerians will now purchase the product at the following prices: N875 per litre in Lagos; N885 per litre in the South West; N895 per litre in the North West and North Central, while it will be sold for N905 per litre in the South East, South South, and North East.

In a statement, it said the prices will apply through all its partners, including MRS, AP (Ardova), Heyden, Optima Energy, Techno Oil, and Hyde.

The refinery called on other marketers to its expanding network of partners to demonstrate their for President Bola Tinubu’s Nigeria First policy, which advocates for the prioritisation of locally-produced goods and services.


Catalogue of price cuts

Daily Trust reports that since the commencement of operations, Dangote Petroleum Refinery has consistently implemented cost-reduction strategies which it stated was aimed at “delivering tangible savings to Nigerians.”

In February 2025, the company carried out two price reductions on petrol, resulting in a total decrease of N125 per litre. This was followed by a further reduction of approximately N45 per litre in April.

Additionally, the prices of other key products, such as diesel and Liquefied Petroleum Gas (LPG), have been significantly lowered, improving affordability across transportation, industrial, and domestic energy sectors.


Despite reduction, prices remain high

Our correspondent reports that in spite of the reduction in prices by Dangote, the prices remain on the high side.

So far, analysis by Daily Trust indicated that Dangote has reduced prices at different times in 2025 amounting to N195.

It would be recalled that in January, the Refinery announced an upward review of the price, saying its refined product would now sell at N955 per litre at the loading gantry.

Dangote had earlier in December, 2024 slashed its price from N970 per litre to N899.50 in what it described as a holiday bonanza.

The refinery stated that marketers buying between 2 million – 4.99 million litres will now buy at N955 per litre while 5 million litres & above will buy at N950 per litre.

However, on February 1, the refinery undertook a significant price reduction, slashing the price by N60 to N890 at the ex-depot price.

On February 26, it slashed the price again, now the second time in a month, cutting N65 off the previous price of N890, bringing it down to N825 per litre at the gantry (ex-depot).

The ex-depot price thus decreased from N950 per litre in January to the current price of N825 per litre, representing a reduction of N125 per litre within 26 days.

According to a statement issued at the time, the price reduction will also ensure that Nigerians pay between N860 and N865 per litre for petrol at the pump in Lagos.


March saw price increase

March saw a significant increase in price reduction by Dangote refinery following the stoppage of naira-for-crude arrangement with the Nigeria National Petroleum Company Limited (NNPCL).

It would be recalled that the refinery had on March 19, 2025, announced that it will stop the domestic supply of petrol in naira due to the suspension of the naira for crude by the NNPC.

It stated that the temporary decision is necessary to avoid a mismatch between its sales proceeds and our crude oil purchase obligations, which are currently denominated in U.S. dollars.

This subsequently shot up the price of PMS with a litre selling at N930 per litre in Lagos as against the former price of N865.

In April, it reduced the price twice. On April 16th, 2025, the gantry price (ex-depot price) of petrol was reduced from N865 to N835.

Earlier in the same month, the refinery slashed the price from N880 to N865 per litre.

With the reduction in May, the refinery has reduced prices by N195 in 2025 alone. However, the present price of N875 is still highehr compared to the price in March which was N865.


Filling stations yet to adjust prices

As of the time of filing this report, filling stations were yet to adjust their prices as a litre is still sold between N890 and N910 in Lagos.

This is even as marketers while welcoming the price reduction expressed mixed feelings over what they called the short notice.

In April when Dangote effected price reduction twice, marketers reportedly lost billions of naira over what they called the sudden price cut.

The Publicity Secretary of the Independent Petroleum Marketers’ Association of Nigeria (IPMAN), Chinedu Ukadike warned that marketers face a lose-win situation over the ongoing price war.

“For us, the independent marketers, it is a lose-win situation.

“The loss is that those who have already gotten petrol products from Dangote Refinery or its partners will have to lose a N20 to N25 margin per litre and revert to the new price,” he said.

Another marketer who spoke with our correspondent on the condition of anonymity stated that the short-term reduction is a cause for concern.

Dangote Petroleum Refinery recently reassured Nigerians of price stability despite fluctuations in global crude oil prices, reaffirming its commitment to ing Nigeria’s economy.

“By refining petroleum products domestically at the world’s largest single-train refinery, we are proud to make a substantial contribution to Nigeria’s energy security, foreign exchange savings, and overall economic resilience—aligning with President Bola Tinubu’s Renewed Hope Agenda, which focuses on addressing the nation’s economic challenges and improving the well-being of Nigerians. We are immensely grateful to His Excellency, President Bola Tinubu, for making this possible through the commendable Naira-for-Crude Initiative, which has enabled us to consistently reduce the price of petroleum products for the benefit of all Nigerians,” it stated.

Dangote Petroleum Refinery further assures the public of a consistent supply of petroleum products, with sufficient reserves to meet domestic demand, as well as a surplus for export to enhance the country’s foreign exchange earnings.


Price of petrol increased by 76.73% – NBS

Meanwhile, the average retail price paid by consumers for Motor Spirit (PMS), commonly known as petrol, rose to N1,239.33 in April 2025, reflecting a 76.73% year-on-year increase compared to N701.24 recorded in April 2024, according to the National Bureau of Statistics (NBS)

The Bureau however, said the price dropped by 1.77% when compared to the N1,261.65 average price recorded in March 2025.

This information is contained in the latest “ Motor Spirit (Petrol) Price Watch” released by the National Bureau of Statistics (NBS) on Wednesday.

On state analysis, it stated that Imo State recorded the highest average retail price of PMS at N1,588.50, followed by Jigawa and Sokoto States with N1,567.84 and N1,550.00, respectively.

On the other end, Yobe had the lowest average price at N970.00, with Kwara and Osun States following at N1,014.85 and N1,042.49, respectively.

“At the zonal level, the South East recorded the highest average price of N1,341.71, while the South West posted the lowest average at N1,138.64.

The report demonstrates the continued volatility in fuel pricing across regions, despite recent interventions aimed at stabilizing the downstream petroleum sector.

https://dailytrust.com/despite-6-time-price-cuts-by-dangote-petrol-cost-still-high/

Them Dey use our brain

the druglord agbero union smuggled into assrock said it will be sold at #100 by the time he is done giving Nigerians the touches he used in building Lagos State from the sea

It is called wave action phenomenon. There seems to be an apparent movement but it is a mirage.
Everything is at standstill but the make believe rise and fall of the wave movement create an illusive change in position.

APC should bring back fuel price where they met it in 2015.

Jeremiah 17:5
This is what the LORD says: “Cursed is the one who trusts in man, who draws strength from mere flesh and whose heart turns away from the LORD.

Study Psalm 146:3-9.


Shalom!!!

**Go to our homepage and check out true life testimonies and a true life story**

Na so we see it.. the problem is that independent marketers are quick to increase prizes if the price increases but very slow to reduce price if there's price reduction....

10 and 20 naira re not price cuts
They should stop playing with our sense
A real fuel price cost will take fuels to 600 or 700 range. Anything else is media cruise

If your not aware. Ghana cedi has appreciatedby 50% since their new president took over gew months ago. But tinubu depreciated naira by 300% . Turned Nigeria to an apc state and sent cost of living to an all time high.
Let's keep voting lubbish

Which cut?

This is progress and hope for a better future. Without Dangote, PMS would have been selling for 2k now. We complain too much. Nigeria's problem is the greed of marketers not Dangote.

Very high o
Even price of rice, palm oil, vegetable oil, beef are all on the high side

That's why do many suffer headed people are now eating stony rice or smuggled rice with joy

But still cheaper than the one blended in the phc refinery that has recently shut down operations and the one sold by marketers appointed by our corrupt leaders, true or false?

Thanks to dangote whom the Tinubu's gullible ers first saw as monopoly as their wicked leaders had put it, petrol would have been nearing 2k by now. They'd now be comparing prices of other nations that do not even have crude and with high standards of living with that of Nigeria, to justify their wickedness. Had dangote not slashed his price, NNPCL and marketers wouldn't have followed suit. Why is it dangote always the one who would first slash prices? That shows he's actually not the monopoly, but dem-dem

Had they allowed him to come up with his targeted price last August before the NNPCL hijacked the down stream operations at dangote, he'd have sold his petrol for as low as 500 naira, from a reliable insider sources.

The 10kobo slash?

Islie:


https://dailytrust.com/despite-6-time-price-cuts-by-dangote-petrol-cost-still-high/

Wetin n be price cut?
All these 2,2 k and 50k cut , na that one be price cut?
The man just de slash #1 like sat em dey cut bread.

It's simply the more you look the less you see typical of the bula-ba era we find ourselves in right now with APC & their tilumbu

Dangote just dey whine us- reduction my foot- These guys are just playing with our mindset. Our government playing Nigerians like a "Checkers or Draft" If anybody try to say jack, unleash the police force on them.

I wish we have somebody like President of Burkina Faso

Lol mk he go up now u go see the results ASAP...



Citizens and the politicians the same..

Petrol and Petroleum.
Writers didn't even know they are two different things.




"Petrol (gasoline) is a specific refined product of petroleum,


while petroleum is the broader term for the naturally occurring, complex mixture of hydrocarbons and other substances found underground"

It's the depreciation and devaluing of the naira making fuel to still be expensive..1600 naira to a dollar....if the exchange rate is like 500 naira to a dollar the price of fuel and other petroleum products will be cheap and affordable for Nigerians to buy.. like fuel would had been 250 naira to a litre if the exchange rate is like from 500 naira to a dollar

That's mostly on greedy marketers.

If dangote increases his stock by 5 naira tomorrow, watch them rush to increase price before evening

That's because the price of petrol cut is insignificant. What will #15 do in one's life?

Is end time deception

It's all a game, nothing is really happening.

Cut down your expectations, it will even get worse.

They are lying to us😑

This is why they keep making you people write ielts. When you describe 1% reductions as price cut.

Make dem dey deceive themselves.

Ok

10 naira cuts once every 6 eke market days does not equate cheap fuel.
Before we can say fuel is cheap, we need it back at 200naira per litre, anything above this is expensive.

BEFORE NKO?

IF ASHAWO CHARGES 50K TO DO AND SHE THEN CUTS 1K FROM THE 50K 6 TIMES .....IS 44K NOT STILL HIGH FOR THE DO?

Subsidy is gone started this problem. Instead of planning and forecasting. What do you expect from someone without proven educational qualifications.

Honestly, it's very high
Dongote should go into CNG please.
The government too should provide enough CNG stands in all filling stations

He's cutting close to nothing

Bentacur007:
Them Dey use our brain

You get any? How many countries in the world is petrol cheaper than in Nigeria?

There are 195 countries in the world. Nigeria’s petrol is the 11th cheapest. In case your brains can’t process what you just read, out of 195 countries only 10 have cheaper petrol than Nigeria!