Victor EzejaNigerians have reacted to the latest reduction in the pump price of Premium Motor Spirit (PMS), also known as petrol, by the Dangote Petroleum Refinery.
While some hailed the 650,000 barrels per day refinery for the reduction, others said it is still insignificant and called for lower prices.
Join our WhatsApp ChannelPrime Business Africa reports that the Dangote Petroleum Refinery has announced a new cut in pump prices of petrol nationwide, with the new prices ranging from N875 to N905 per litre, depending on location.
This was revealed in the updated pricing template released on Thursday, 22 May, for Dangote Refinery’s retail partners, including MRS, Ardova Plc (AP), Heyden, Optima Energy, TechnoOil, and Hyde.
According to the retail price table, the pump price of petrol in Lagos will now be N875. South-west will be dispensing at N885; North-west and North-central, N895; North-east, N905 and South-east, N905 in all the filling stations of the partners.
The latest retail price cut followed several reductions in ex-depot prices by Dangote refinery this year.
In early February 2025, Dangote Refinery announced a cut in its ex-depot petrol price from N950 to N890. By April, the price had been further slashed to N835, down from N865, with pump prices modified to range between N860 and N890, depending on the location.
READ ALSO: Dangote Refinery Further Reduces Petrol Ex-depot Price To N825 Per Litre Amid Intense Competition
The company said the price slash reflects its commitment to supporting Nigeria’s economy and alleviating the burden on consumers.
Reacting to that, the CEO of Petrolprice.com, Jeremiah Olatide, said he expected a lower price from Dangote refinery in comparison with the recent drop in crude oil prices at the international market. “I am happy that Dangote Refinery reviewed its petrol prices downward by N15, but personally I feel it is not significant compared to the drop in crude oil price,” Olatide stated when he appeared on Arise News Global Business Report on Friday.
Olatide argued that under normal market dynamics, petrol price reduction supposed to follow the trend in crude oil price drop.
Crude oil price has in recent times lowered to between $61 and $65 per barrel. Prime Business Africa checks on oil prices on Friday showed that West Texas Intermediate (WTI) was sold at $61.68 per barrel, while Brent Crude was put at $64.92. Oil prices had earlier dropped below $60 per barrel.
According to Olatide, “the prices of crude dropped by over 10 per cent on the 2nd of April. If you are to correlate that with the prices here, the drop from N880 to N865 by Dangote was just 1.7 per cent. Oil price determines depot price, and depot price determines retail price. It should follow that line.”
Continuing, he asserted that “For crude oil prices to have dropped by over 10 per cent in April, I think our depot prices should be lower than N700 at depots and retail prices should be between N750 and N800 per litre, that’s my calculation.”
READ ALSO: Dangote Refinery PMS Price Reduction: ‘A Drop In The Ocean’, Say Nigerians
Other Nigerians who spoke via social media called for a lower price of petrol to reduce the cost of things in the country, influenced by the hike in fuel prices.
An X user with handle @geofrydpr said: “@AlikoDangote @DangoteGroup crude oil prices have dropped drastically. This is not about reducing 15 naira nationwide it still does not affect any thing in the country, crude oil price has drop, what is going on?”
Another X user Ikechukwu with handle, @IktGadget stated:“Expecting a reasonable reduction, petrol price in Nigeria is still outrageous compared to the living condition over here.”
“Nothing has changed; they should stop deceiving themselves,” Chbuzor Oranezu stated.
“A poor country like Nigeria buying fuel/L at even N500 is outrageous and vague to citizens’ wellbeing,” Aliyu Musa lamented.
Another X user, Engr. Adeoye Daniel claimed that some filling stations in Lagos have refused to adjust their pump prices to reflect the new price. He wrote: “I disagree with this table. MRS filling stations and some @NNPC_Retail sell for 890 in Lagos. They’ve refused to reduce their pump price. Their litres are also not complete, as station managers have tampered with the pumps. We expected @NMDPRA_Official to monitor the pumps.”
Victor Ezeja is a passionate journalist with seven years of experience writing on economy, politics and energy. He holds a Master's degree in Mass Communication.
