by Willy Okonji-
In a second price cut within a week, Dangote Petroleum Refinery has announced a further reduction in the pump price of Premium Motor Spirit (PMS), commonly known as petrol, bringing it down to N835 per litre.
The announcement, made on Wednesday, April 16, 2025, marks a 3.5% decrease from the N865 per litre price set just last Friday. Prior to that, the refinery had reduced the price from N880 to N865, showing a pattern of steady drops as global crude oil prices decline.
According to a statement from the refinery, the reduction was prompted by falling international crude prices, which have dropped to $64 per barrel from over $70 per barrel in recent weeks.
A senior official at Dangote Refinery, who spoke on condition of anonymity, explained, “We are committed to passing on the benefit of lower crude prices to Nigerians. As global conditions improve, we’ll continue to adjust prices to ease the burden on consumers.”
Despite the refinery’s move, many independent and major oil marketers have not followed suit. Observations across multiple petrol stations show that many are still dispensing petrol at N965 per litre, nearly N130 higher than Dangote’s refinery price.
Consumer advocacy groups have raised concerns. “It’s unacceptable that marketers are not reflecting the refinery’s reduction at the pumps,” said Bolaji Alade, a consumer rights advocate. “There should be regulatory enforcement to protect Nigerians from unnecessary hikes.”
Industry analysts believe that until there is increased supply competition or tighter regulation, the benefit of reduced refinery prices may not reach the average consumer.
