Following the ex-depot premium motor spirit price cut announced by Dangote Refinery on Wednesday, Nigerian petroleum product marketers have warned that they may lose billions of naira.
In a Thursday interview with The Intercept, Chinedu Ukadike, the spokesperson for the Independent Petroleum Marketers Association of Nigeria, revealed this.
His remarks follow Dangote Refinery’s announcement on Wednesday of a new petrol gantry price cut to N835 per litre.
When opposed to the previous gantry price of N865 per litre at Dangote Refinery, the most recent drop is N30.
After the Naira-for-crude selling agreement was renewed on April 9, 2025, the refinery’s most recent gasoline pricing review, which costs 650,000 per litre, is the second in eight days, according to The Intercept.
Speaking on the most recent price cut, Anthony Chiejiena, a spokesman for the Dangote Group, stated that retail partners of the company, including MRS, AP (Ardova), Heyden, Optima Energy, Hyde, and Techno Oil, will sell fuel in Lagos, Abuja, and other regions of the nation for N890 to N920.
According to him, retail fuel rates in Lagos State would now be N890 per litre instead of N920.
He also said retail fuel prices will be sold at N900 and N910 per litre in the South-West, North-West, and North-Central, from N930 and N940, respectively.
Chijiena added that in the South-East, South-South, and North-East, the retail price of petrol will be N920 per litre, down from N950.
“These price reductions reaffirm our commitment to providing high-quality petrol at affordable rates, benefiting consumers across the nation.
“In addition, we are working collaboratively with our partners to ensure equitable reflection of this price reduction.
“We anticipate that this latest reduction in PMS prices will generate a positive ripple effect throughout various sectors of the economy, providing much-needed relief to consumers and contributing to broader economic growth, particularly during the Easter season,” he stated.
Recall that upon the federal government’s commitment to the indefinite continuation of the naira-for-crude deal with other local refiners, Dangote refinery had announced an ex-depot petrol price drop to N865 from N880 per litre.
A summary of the combined reduction of the gantry price by Dangote Refinery put it at N45 per litre in the last eight days.
Reacting, Ukadike, who lauded the adjustment in the gantry prices of Dangote Petrol, however, lamented that marketers who have old stocks have to sell at losses.
“It is a good development for Nigerians; however, marketers with the old price stock will have to lose billions of naira.
“The continuation of the naira-for-crude deal, which serves as a subsidy, together with lower crude oil prices in the global market, is the game changer for Dangote Refinery,” he said.
Earlier, the president of the Petroleum Retailers Outlets Owners Association of Nigeria, Billy Gillis-Harry, had kicked against the arbitrary petrol price reduction by Dangote Refinery.
He further advocated for a six-month fuel price stability plan.
According to an energy bulletin issued by the Major Energies Marketers Association of Nigeria, on Monday, April 14, 2025, the landing cost of fuel imports was N845.70 per litre, with an exchange rate of N1,604.48 per dollar and a benchmark Brent crude price of $64.88 per barrel. This is in contrast to the Dangote Petrol gantry price, which is N830 per litre.
Dangote Petrol now has a competitive edge in the nation’s downstream oil and gas industry thanks to the development.
Industry observers are still awaiting Nigerian National Petroleum Company Limited’s reaction to Dangote Refinery’s most recent price cut.
As of Wednesday evening, the price of gasoline at NNPC retail locations was N950 per litre.
On Monday, the chief executive officer of Nigerian Midstream and Downstream Petroleum Regulatory said that fuel importation dropped by 30 million in Nigeria owing to the increased domestic supply by Dangote Refinery.
