The recent decline in global crude oil prices has led to a corresponding decrease in the price of Premium Motor Spirit (PMS) in Nigeria. As of March 5, 2025, the price of Nigeria’s Bonny Light crude oil fell by 10.6% to $73.53 per barrel from $84.02 per barrel on January 15th.
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In response to these market changes, major petroleum marketers and industry experts anticipate further reductions in PMS prices. The Nigerian National Petroleum Company Limited (NNPCL) recently reduced its ex-depot price of petrol from N1,020 to N899 per litre, leading to pump prices dropping below N1,000 per litre.
guardian.ng Similarly, the Dangote Refinery cut its ex-depot price from N970 to N899.50 per litre.
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Economic analysts suggest that, given the current market conditions, PMS prices could decrease to less than N700 per litre. This projection is based on the continued decline in global crude oil prices and the stability of the naira against the dollar in the foreign exchange market.
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The reactivation of state-owned refineries and the operationalization of the Dangote Refinery are expected to diversify petroleum product sources, potentially leading to further price reductions.
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Consumers are advised to monitor official announcements from petroleum marketers and regulatory authorities for the most accurate and up-to-date information on PMS pricing.
Recent Developments in Nigeria’s Fuel Pricing.
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