Petrol Price

  Fresh from implementing a ₦15 price reduction in its loading cost for Premium Motor Spirit, also known as petrol, the Dangote Refinery has again slashed its refined product prices to make them cheaper, cutting its ex-depot rate to ₦835 per litre. The new price represents a ₦30 reduction from ₦865 per litre implemented six days ago, marking a 3.5 per cent decrease, and a ₦45 reduction from the ₦880 per litre sold by the facility last Wednesday. This price cut marks Dangote’s third downward adjustment in under six weeks. PUNCH Online gathered that the refinery informed its customers in a notice sent out on Wednesday morning. A pro forma invoice was sighted by our correspondent, and checks on petroleumprice.ng also confirmed the development. It stated that the new price is inclusive of charges by the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA). The document detailing the revised price structure shows that PMS at the gantry will now sell for ₦835 per litre, inclusive of NMDPRA statutory levies, while coastal sales remain on hold. The diesel gantry price is set at $608 plus a $70 surcharge, payable either in naira at ₦1,650/$ or in USD. Coastal sales are also on hold. Jet fuel will be sold at $664.75 with a $42 gantry surcharge and a $22 coastal surcharge. Prices for cooking gas at both gantry and coastal points are currently on hold. On Wednesday, PUNCH Online hinted at a possible price cut after the landing cost of imported petrol dropped to ₦853 per litre on Tuesday. This development comes as marketers secured regulatory approval to import 117,000 metric tonnes—equivalent to 156.897 million litres—of petrol within eight days, from 8 to 16 April 2025, to boost fuel supply nationwide. These figures were revealed in separate documents obtained by our correspondent from the Nigerian Ports Authority and the Major Energies Marketers Association of Nigeria. Dealers said the ₦853 per litre spot import parity into tanks, which includes expenses such as shipping, import duties, and exchange rates, marks a notable ₦3 reduction from ₦856.75 per litre last Monday and ₦852.02 on Tuesday. The document showed that on-the-spot sales at the NPSC-NOJ terminal dropped to ₦853.12 per litre, while the 30-day average cost also declined to ₦844.84 per litre. Within the period, marketers brought in six vessels conveying 117,000 metric tonnes through Tin Can Port in Lagos and Calabar Port in Cross River State. Importantly, the continued price drop coincides with the restart and full implementation of the Naira-for-Crude agreement with local refiners after an earlier suspension. The Ministry of Finance disclosed this in a statement published last week on its official X handle, titled: “Update on the Crude and Refined Product Sales in Naira Initiative.” The statement followed a meeting on Tuesday between the Minister of Finance, Wale Edun, and representatives from Dangote Refinery—a major beneficiary of the agreement — to review progress and address ongoing implementation issues. The committee stated that the policy is not a temporary measure but a long-term strategy to reduce Nigeria’s dependence on foreign exchange for petroleum. It added that the initiative is a key policy directive designed to support sustainable local refining and strengthen energy security. Punch