Petroleum products marketers in Nigeria have hinted that they are on track to losing billions of naira following the ex-depot premium motor spirit price reduction announced by Dangote Refinery on Wednesday.
The spokesperson of the Independent Petroleum Marketers Association of Nigeria, Chinedu Ukadike, disclosed this in an interview with DAILY POST on Thursday.
His comment comes after Dangote Refinery on Wednesday announced to N835 per litre.
The latest reduction is N30 when compared to Dangote Refinery's previous gantry price of N865 per litre.
DAILY POST reports that the 650,000 per litre refinery's latest petrol price review is the second in eight days following the renewal of the on April 9, 2025.
In a statement by Dangote Group's spokesperson, Anthony Chiejiena, on the latest price reduction, he said that petrol retail partners, such as MRS, AP (Ardova), Heyden, Optima Energy, Hyde, and Techno Oil, will offer petrol at N890 to N920 in Lagos, Abuja, and other parts of the country.
He said in Lagos state retail fuel prices will now go for N890 per litre, down from N920.
He also said retail fuel prices will be sold at N900 and N910 per litre in the South-West, North-West, and North-Central, from N930 and N940, respectively.
Chijiena added that in the South-East, South-South, and North-East, the retail price of petrol will be N920 per litre, down from N950.
“These price reductions reaffirm our commitment to providing high-quality petrol at affordable rates, benefiting consumers across the nation.
“In addition, we are working collaboratively with our partners to ensure equitable reflection of this price reduction.
“We anticipate that this latest reduction in PMS prices will generate a positive ripple effect throughout various sectors of the economy, providing much-needed relief to consumers and contributing to broader economic growth, particularly during the Easter season,” he stated.
Recall that upon the federal government's commitment to the indefinite continuation of the naira-for-crude deal with other local refiners, Dangote refinery had announced an ex-depot petrol price drop to N865 from N880 per litre.
A summary of the combined reduction of the gantry price by Dangote Refinery put it at N45 per litre in the last eight days.
Reacting, Ukadike, who lauded the adjustment in the gantry prices of Dangote Petrol, however, lamented that marketers who have old stocks have to sell at losses.
“It is a good development for Nigerians; however, marketers with the old price stock will have to lose billions of naira.
“The continuation of the naira-for-crude deal, which serves as a subsidy, together with lower crude oil prices in the global market, is the game changer for Dangote Refinery,” he said.
Earlier, the president of the Petroleum Retailers Outlets Owners Association of Nigeria, Billy Gillis-Harry, had by Dangote Refinery.
He further advocated for a six-month fuel price stability plan.
DAILY POST gathered that while the Dangote Petrol gantry price stands at N830 per litre, the landing cost of fuel imports stood at N845.70 per litre with a Brent crude price benchmark of $64.88 per barrel and an exchange rate of N1,604.48 per dollar on Monday, April 14, 2025, according to an energy bulletin released by the Major Energies Marketers Association of Nigeria.
The development had placed Dangote Petrol at a competitive advantage in the country’s oil and gas downstream sector.
Meanwhile, industry watchers await the response of Nigerian National Petroleum Company Limited to the latest price reduction by Dangote Refinery.
Currently, NNPC retail outlets sold petrol at N950 per litre as of Wednesday night.
On Monday, the chief executive officer of Nigerian Midstream and Downstream Petroleum Regulatory said that by 30 million in Nigeria owing to the increased domestic supply by Dangote Refinery.
