Dangote Petroleum Refinery has further slashed the gantry price of Premium Motor Spirit (PMS), to ₦835 per litre, a 3.5% reduction from the previous rate of ₦865 per litre.
This adjustment is caused by the downturn in global crude oil prices, which have fallen to $64 per barrel after hovering above $70 per barrel in recent weeks.

This is the refinery’s second price cut following an earlier reduction from ₦880 to ₦865 per litre. However, despite these decreases, oil marketers still sell petrol for over N900 per litre.
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The naira recorded its highest appreciation against the dollar at the official foreign exchange market on Thursday after United States of America President, Donald Trump paused tariff increase.

Data from the Nigerian Exchange Marker, NFEM, showed that the naira strengthened to N1,605 per dollar on Thursday at the official market from N1,629.93 traded on Wednesday.

This means that the naira gained N24.93 against the dollar on a day-to-day basis.

According to reports, this is the second time the naira has appreciated and the highest gain so far this week.

Meanwhile, at the black market, several Bureau De Change operators in Wuse Zone 4 confirmed that the naira remained stable at N1,620 per dollar on Thursday, the same exchange rate as the previous day.

Recall that in past days the naira has recorded more depreciation than appreciation following the global impact of Trump’s April 2, 2025 tariff announcement.

In a strategic move that may signal the beginning of broader market shifts, the Dangote Refinery has announced a downward revision of its ex-depot petrol price to ₦865 per litre, slicing ₦15 off the previous rate of ₦880.

The refinery communicated the price cut to marketers early Thursday morning through a formal notice.

A pro forma invoice confirming the new pricing was sighted by industry insiders, and the adjustment was further verified via the petroleum pricing tracker, petroleumprice.ng.

This price drop, although modest, aligns with industry expectations. Marketers had earlier hinted that Nigeria’s 650,000-barrels-per-day refinery—Africa’s largest—was on the verge of reducing its petrol loading costs by the end of the week, contributing to growing optimism about a potential decline in pump prices across the country.

Speaking on the development, Chinedu Ukadike, National Publicity Secretary of the Independent Petroleum Marketers Association of Nigeria (IPMAN), described the reduction as timely. He tied the move to broader reforms being implemented under the Federal Executive Council’s (FEC) revived Naira-for-Crude initiative.

On Wednesday, the FEC approved the full-scale implementation of the previously suspended deal, which mandates the sale of crude oil to local refineries in exchange for refined products, settled in naira. The Ministry of Finance, in a statement released via its official X (formerly Twitter) handle, reaffirmed that the initiative is not a stop-gap measure but a foundational policy aimed at fostering energy security and reducing Nigeria’s reliance on foreign exchange for petroleum imports.

The statement followed a high-level meeting between Finance Minister Wale Edun and key stakeholders, including representatives from the Dangote Refinery. Discussions focused on the policy’s rollout and the challenges encountered so far.