PETROAN Says Cheaper Fuel Likely As NNPCL, MRS, Ardova's New Pump Price Emerges

• New fuel prices are expected at filling stations nationwide following a recent slash in the ex-depot price by the Dangote Refinery
• The Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN) has assured Nigerians that the price changes will take effect soon
• Currently, petrol sells for N920 per litre at NNPC retail stations, while other outlets sell it for N930 and above

Legit.ng journalist Dave Ibemere has over a decade of business journalism experience with in-depth knowledge of the Nigerian economy, stocks, and general market trends.

The Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN) says Nigerians will soon begin to reap the benefits of falling global crude oil prices, following Dangote Refinery’s decision to slash ex-depot price to N865 per litre.

In a statement, Joseph Obele, PETROAN's spokesperson, noted that the key to cheaper fuel is the federal government’s naira-for-crude oil policy.

According to him, the policy shields Nigeria’s economy from external oil market shocks. He added that the policy was expected to cut reliance on foreign exchange, boost local refining, and help stabilise petrol prices, Punch reports.

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Obele said:

“Selling crude to local refineries in naira will reduce our exposure to global volatility and help make petrol more affordable."

Fuel price expected to drop to N910

In a potential relief, reports have it that the Nigerian National Petroleum Company Limited (NNPCL), alongside downstream players MRS and Ardova, are considering slashing petrol prices to around N910 per litre.

Although yet to be changed, the proposed drop once again showed that the Dangote Refinery has a big role to play in petrol pump prices in Nigeria.

The 650,000 barrels-per-day refinery has emerged as the country’s leading domestic fuel supplier since commencing operations.

In March 2025, Dangote slashed ex-depot prices to N815 per litre, prompting MRS and Ardova to cut prices at the pump. NNPCL followed shortly after, lowering rates to N860 and N880 per litre in Lagos and Abuja, respectively.

Industry insiders suggest that a further reduction to N910 per litre is under consideration, with companies in ongoing negotiations over pricing structures.

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Dangote Refinery slashes petrol price, filling stations to adjust pumps

No petrol price changes yet

Checks by Legit.ng on the morning of Friday, April 11, 2025, showed that retail petrol prices remained high, with filling stations in Lagos selling at N930 per litre, while NNPC outlets sold at N920.

Speaking on Dangote's petrol pricing, Ademola Adesonye, a Lagos-based energy analyst, said the government must ensure consistent crude supply to Dangote and other local refineries to help bring down prices.

"The naira-for-crude deal remains key to keeping fuel prices low. Nigerians are battling real-life financial stress, and if the government can ensure the policy is not disrupted again, it will bring relief on petrol prices."

Fuel prices across Africa drop

Earlier, Legit.ng reported a wave of petrol price reductions sweeping across Africa, driven by a decline in global crude oil prices.

Countries such as Ivory Coast, Mali, Morocco, and South Africa have all announced recent reductions in fuel prices.

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Fuel prices set to drop below N930 as FG gives order to NNPC, NMPDRA

In Ivory Coast, fuel prices dropped for the first time in five years, with unleaded petrol now priced at 855 CFA francs per litre and diesel at 700 CFA.

Proofreading by James Ojo, copy editor at Legit.ng.

Source: Legit.ng