N350 Per Litre: Refinery Owners Predict New Petrol Prices as Landing Cost Crashes

• The Crude Oil Refinery Owners Association of Nigeria has forecasted that petrol prices could fall to N350 per litre
• The refiners disclosed that petrol prices could fall to that range if crude prices sell for $50 per barrel
• The development comes as importers reported that the landing cost of PMS has crashed below Dangote Refinery’s rate

Legit.ng’s Pascal Oparada has reported on tech, energy, stocks, investment and the economy for over a decade.

The Dangote Refinery has continued to crash petrol prices as parties returned to the negotiation table to renew the naira-for-crude deal.

Recall that the Nigerian government had ordered the deal’s continuation, stating it was not time-bound.

Marketers lament falling petrol prices

The development led to the mega refinery reverting to selling PMS in naira and crashing its petrol prices to N865 per litre from N930.

Experts have said the reduced prices by the refinery were due to the fall in global oil prices.

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Nigerians expect cheaper fuel as landing cost drops again, lower than that of Dangote Refinery

However, Legit.ng earlier reported that petroleum importers have decried repeated petrol price reductions by Dangote Refinery.

Some importers disclosed that they have been compelled to sell below their costs as consumers buy from cheaper petrol stations.

IPMAN predicts further price cuts

IPMAN’s national vice president, Hammed Fashola, asked marketers and importers to be cautious while purchasing petroleum products because Dangote Refinery and other players could slash prices further.

Legit.ng earlier reported that the mega refinery had slashed petrol prices to N865 per litre shortly after the Nigerian government ordered the return of the naira-for-crude deal. 

Analysts have attributed the latest price crash to the drop in global crude oil prices.

Dangote notifies marketers of new petrol prices

According to reports, notices to marketers by the Lekki-based refinery show that its PMS will now be sold at N865 per litre, including charges by the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA).

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Oil marketers lament Losses as more filling stations crash petrol prices

The Dangote Refinery said that other products are still sold in dollars, while PMS sales via coastal vessels are on hold.

The development has led to petrol stations adjusting their pump prices downward.

According to a report by Punch, importers reported an average loss of N2.5 billion daily and N76.5 billion monthly due to the unexpected changes in prices.

The Depot and Petroleum Products Marketers Association of Nigeria (DAPPMAN) has asked the Nigerian government to scrap the naira-for-crude deal as it allegedly gives Dangote Refinery an edge.

Refinery owners predict cheaper fuel prices

Meanwhile, the Crude Oil Refinery Owners Association of Nigeria has forecasted that petrol prices could fall to N350 per litre if crude prices fall to $50 per barrel.

Experts have said the downstream petroleum sector should be competitive to attract investment and allow fair competition.

“The industry is huge and cannot be monopolised, however, players should be fair to allow for more investment and competitiveness," Adeola Yusuf, energy policy analyst and Team Leader at Platforms Africa, said.

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He said importers and other stakeholders should engage in fair competition to benefit consumers.

Petrol landing cost drops again

Legit.ng earlier reported that Nigerians could breathe another sigh of relief as filling stations will soon adjust pump prices again to sell fuel at lower prices.

As international oil prices experienced fresh volatility in the wake of the ongoing price war, the landing cost of imported fuel dropped again.

Checks showed that after factoring in all the costs, the unit landing cost of imported fuel was down to N853 per litre, as of Tuesday, April 15, 2025.

Proofreading by Kola Muhammed, copy editor at Legit.ng.

Source: Legit.ng