The cost of loading gasoline has been lowered from ₦825 per liter to ₦815 per liter at the Dangote Petroleum Refinery’s loading gantry.
The change, which took effect on Thursday, represents a new stage in the ongoing price battle in Nigeria’s downstream oil industry.
According to reports, Dangote Petroleum Refinery announced a ₦65 price cut for Premium Motor Spirit (PMS), also known as gasoline, almost two weeks prior to the new price reduction.
On February 27, 2025, the ex-depot price was lowered from ₦890 to ₦825 per liter.
Oil marketers apparently embraced the new price system, which went into effect on Thursday. Many of them stopped using other suppliers and instead buy their products straight from the refinery.
According to estimates, the landing cost of gasoline imported into Nigeria decreased to ₦774.72 per liter on Tuesday. Marketers anticipate that if the price decline continues, PMS pump prices may drop to around ₦800 per liter.
“A further reduction in the price of crude oil would definitely warrant a drop in the price of gasoline, and it could drop to ₦800 per liter,” said Chief Ukadike Chinedu, National Publicity Secretary of the Independent Marketers Association of Nigeria. Crude oil is a major component in the production of fuel.
Due to the Nigerian Midstream and Downstream Petroleum Regulatory Authority’s ₦10 levy and Dangote Refinery’s recent price drop of its loading cost to ₦815 per litre on Thursday, the cost of petrol from the refinery would now be ₦825 per litre.
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According to Chinedu Ukadike, National Publicity Secretary of the Independent Petroleum Marketers Association of Nigeria (IPMAN), Dangote and other players are engaged in a battle for market dominance, which is why Nigerians are witnessing a pricing war.
“Yes, there are rumors that the cost of imported goods has decreased,” he stated. The price war is a result of this. That is deregulation’s beauty. With millions of liters, Dangote does not want its market share to be taken by outside forces. Thus, it would have compelled the price cut.
