In a second price reduction within a week, the $20 billion Dangote Refinery has slashed the ex-depot price of Premium Motor Spirit (PMS) by ₦30—from ₦865 to ₦835 per litre. Marketers received the updated pricing in a notice issued Wednesday morning.

Fuel stations under the Dangote supply network, including MRS outlets, are projected to lower pump prices below ₦940/liter within days. This is the first tangible consumer benefit from the refinery's latest ₦30/liter wholesale price cut.

The reduction comes as newly uncovered shipping records show regulators approved 157 million liters (117,000MT) of complementary imports through Nigerian ports in early April. While market observers applaud this balance of domestic refining and managed imports, they note persistent inflation and currency pressures may still limit price relief.

The Independent Petroleum Marketers Association stated that even if the government, Dangote Refinery, and others renew the naira-for-crude agreement, it’s unlikely to lead to a major drop in prices. “The eventual renewal of the naira-for-crude deal between the government, Dangote Refinery, and others won’t crash prices significantly,” noted the Independent Petroleum Marketers Association. 

They added that pricing is still largely driven by market dynamics and the weakening value of the naira. “The forces of demand and supply, along with naira depreciation, still influence pricing.”

Dangote’s consecutive price reductions could provide Nigerians some relief amid stubborn inflation and high energy costs. 

Market analysts note that if the refinery maintains steady output, it may spur greater competition in the downstream sector.

Situated in Lagos, the Dangote Refinery—Africa’s largest—is poised to significantly curb Nigeria’s dependence on imported fuel once fully operational.