Dangote Petroleum Refinery has reduced the ex-depot price of Premium Motor Spirit (PMS), also known as petrol, from N880 to N865 per litre. This 1.7% drop is linked to the recent decline in crude oil prices, which fell to $63 per barrel in April, down from over $70 in March 2025.
Oil marketers, including MRS and Adorva, have begun lifting petrol at the new rate from the 650,000-barrel-per-day refinery. As a result, retail pump prices are expected to drop to around N910 per litre, compared to the previous rate of over N930.
President of the Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN), Billy Gillis-Harry, welcomed the price cut. He expressed hope that the reduction at the depot level would soon reflect at filling stations, giving consumers some relief.
However, there are concerns about the broader economic impact of falling crude oil prices. Dr. Muda Yusuf, CEO of the Centre for the Promotion of Private Enterprise (CPPE), warned that the drop in oil revenue could affect Nigeria’s 2025 budget, which is based on a $75 per barrel benchmark.
He noted that the decline could lead to reduced government earnings, affect foreign exchange inflows and weaken the naira, further stressing the economy.
As Nigeria enters the second quarter of the year, all eyes remain on global oil trends and their ripple effects on domestic fuel pricing and economic stability.