As of February 4, 2025, the loading cost of Premium Motor Spirit (PMS), commonly known as petrol, at private depots in Nigeria has decreased to ₦925 per liter. This marks a ₦27 reduction from the previous high of ₦952 per liter recorded last Friday.
PUNCHNG.COM
This price adjustment follows Dangote Petroleum Refinery’s recent decision to lower its ex-depot price from ₦950 to ₦890 per liter, effective February 1, 2025.
The refinery cited fluctuations in global crude oil markets as a primary factor influencing this reduction.
In response, several private depots have adjusted their prices accordingly. For instance, Nipco Depot reduced its price to ₦935 from ₦952 per liter, while Aiteo Depot decreased its rate to ₦925 from ₦942 per liter. Despite these reductions at the depot level, the impact on retail pump prices remains to be seen. 
Industry experts suggest that Dangote Refinery’s price reduction has prompted private depots and importers to reassess their pricing strategies. Olatide Jeremiah, an oil and gas analyst, noted, “Dangote refinery’s reduction of petrol to ₦890 has influenced private depots and importers to immediately review their fuel price downwards. His capacity in refining and gantry loading has earned him the market leader in the downstream sector.”
As the situation evolves, stakeholders are monitoring whether these depot price reductions will translate into lower prices for consumers at petrol stations nationwide.
