Dangote Petroleum Refinery has announced a further reduction in the pump price of Premium Motor Spirit (PMS), with retail prices now ranging from N875 per litre in Lagos to N905 in other parts of the country.
The latest downward adjustment, which reflects a N15 cut in Lagos, was confirmed yesterday via the company’s official X (formerly Twitter) handle. The new pricing applies to major fuel marketing partners of the refinery, including MRS, Ardova, Heyden, Optima Energy, Techno Oil and Hyde Energy.
Under the new pricing regime, Lagos residents will pay N875 per litre, while consumers in other parts of the South-West will pay N885. In the North-East, South-South, and South-East regions, petrol will retail at N905, while those in the North-West and North-Central will pay N895 per litre.
This marks the third price slash by the 650,000 barrels-per-day refinery in recent months, to support affordable fuel access and ease consumer burden amid currency volatility and high import costs.
“Our quality petrol and diesel are refined for better engine performance and are environmentally friendly,” the company stated. Group Chief Branding and Communications Officer, Dangote Group, Anthony Chiejina, said: “These price reductions reaffirm our commitment to providing high-quality petrol at affordable rates, benefiting consumers across the nation.”
However, the impact of the reductions is yet to fully trickle down, as pump prices at many retail outlets across the country remain unchanged.
Market realities show a significant disparity across regions and supply channels. As of yesterday, some members of the Independent Petroleum Marketers Association of Nigeria (IPMAN) were selling petrol below Dangote’s revised prices, particularly in Lagos and parts of the southwest.
Retail prices between N860 and N870 per litre at certain IPMAN outlets undercut Dangote’s N875 benchmark due to intensified competition and flexible cost structures.
The disparity in pricing underscores the complexities within Nigeria’s downstream petroleum sector, where factors such as transportation costs, supply chain inefficiencies and regional demand-supply imbalances contribute to the varying pump prices experienced by consumers nationwide.
Reacting to the development, the National President of IPMAN, Abubakar Shettima, said independent marketers are already selling below the rates of some major marketers, including Nigerian National Petroleum Company Limited (NNPCL) Retail, the Depot and Petroleum Products Marketers Association of Nigeria (DAPPMAN) and the Major Energy Marketers Association of Nigeria (MEMAN).
According to him, IPMAN members, who operate thousands of outlets nationwide, are able to offer lower prices because they source products directly from refineries like Dangote’s, bypassing intermediaries and reducing cost inefficiencies.
“We are indigenous marketers with a presence across the country. When we make small profits, we prefer to sell quickly and go back to restock. That is why you see our members selling below others,” Shettima explained.
He stressed that IPMAN’s direct sourcing model and competitive approach were contributing to price stability and improved availability of petrol across Nigeria.
