The has announced a further reduction in the ex-depot prices of Premium Motor Spirit (petrol) and Automotive Gas Oil (diesel), in a move aimed at easing fuel costs and supporting economic activity across Nigeria.
The latest review saw petrol prices reduced to N1,250 per litre from N1,275, while diesel was adjusted downward to N1,700 per litre from N1,800 per litre.
The refinery said the adjustment reflects its ongoing drive to enhance supply efficiency and strengthen domestic refining capacity, while also providing some relief to consumers and businesses heavily dependent on fuel for transportation, power generation and industrial operations.
It noted that the decision aligned with broader efforts to stabilise the downstream petroleum market and improve access to locally refined products.
Since commencing operations, the 650,000-barrel-per-day facility has steadily increased its contribution to Nigeria’s fuel supply chain, gradually reducing reliance on imported petroleum products.
The refinery has positioned itself as a key player in the domestic energy market, with emphasis on meeting local demand and improving product availability.
The latest reduction is expected to influence transportation costs and production expenses across various sectors, particularly industries that depend heavily on diesel and petrol for daily operations.
Analysts said continued price adjustments from domestic refiners could play a role in moderating inflationary pressures linked to energy costs, especially in logistics and manufacturing.
The development underscores ongoing shifts in Nigeria’s downstream petroleum sector as local refining capacity continues to expand.
