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The Dangote Petroleum Refinery has again reduced the ex-depot price of Premium Motor Spirit (PMS), popularly known as petrol, slashing the rate to ₦835 per litre, down from ₦865 just six days earlier.
This latest price cut marks a ₦45 reduction from last week’s ₦880 and represents the third downward revision in less than six weeks—a 3.5% drop from the previous price.
A customer notice issued on Wednesday morning confirmed the change, while a pro forma invoice and checks on petroleumprice.ng corroborated the update.
The new price includes statutory levies imposed by the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA). The refinery also announced that coastal sales remain suspended, with current gantry pricing for PMS fixed at ₦835 per litre.
Diesel and Jet Fuel Prices Also Updated
In addition to petrol, diesel is now priced at $608 per tonne, plus a $70 gantry surcharge, with payments accepted in either naira at ₦1,650/$ or in U.S. dollars. Jet fuel is now set at $664.75, with added surcharges of $42 at the gantry and $22 for coastal sales. Prices for cooking gas remain on hold.
Price Movement Aligned With Import Parity Trend
The reduction comes shortly after the landing cost of imported petrol fell to ₦853 per litre on Tuesday, down from ₦856.75 the previous day. Documents from the Nigerian Ports Authority and the Major Energies Marketers Association of Nigeria show that marketers have secured regulatory clearance to import 117,000 metric tonnes (156.9 million litres) of petrol between April 8 and 16.
During this window, six vessels carrying refined petrol arrived via Tin Can Port in Lagos and Calabar Port in Cross River State.
Naira-for-Crude Policy Back in Play
This sustained price reduction comes amid the revival of the Naira-for-Crude initiative, previously halted but now re-implemented. Under this arrangement, local refiners receive crude oil in exchange for refined products sold in naira, reducing foreign exchange dependency.
The Federal Ministry of Finance confirmed the policy’s reinstatement via its official X (formerly Twitter) handle. The announcement followed a meeting between Finance Minister Wale Edun and representatives from the Dangote Group to address implementation challenges and align on long-term goals.
According to the Ministry, the initiative is part of a broader strategy to boost local refining, enhance energy security, and ease pressure on the country’s foreign reserves.
