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Local refiners have saved the country about N4.8 trillion ($3.20 billion) from sourcing foreign exchange from Central Bank of Nigeria (CBN) to import Premium Motor Spirit (PMS) in the last four months through the production of 5.34 billion litres of fuel.

Findings revealed that the locally produced PMS was 330 million litres higher than the 5.01 billion litres of fuel imported by major oil marketers in the last five months from The Netherland, Belgium and other European countries.

The fuel was produced by Nigerian National Petroleum Company Limited (NNPCLtd), Dangote Petroleum Refinery & Petrochemicals and other local refiners between November 2024 and February 2025.

Findings indicated that in November 2024 the country produced 1.08 billion litres of petrol locally; December, 1.45 billion; January 2025, 1.47 billion litres and February, 1.34 billion litres as the refineries are longing to produce 1.47 billion litres in March, following price reduction and improved domestic refining capacity in the country. Currently, Dangote has about 500 million litres unsold PMS in its tanks waiting for disposal.

Also, it was revealed that the locally refined petrol was higher by six per cent than the 5.01 billion litres imported by major marketers between October 2024 and February 2025.

With an average price of N900 per litre, importers under the umbrella of Independent Petroleum Marketers Association of Nigeria and the Petroleum Products Retail Outlet Owners Association of Nigeria have spent N4.51trillion on PMS shipments, using an average price of N1,100/litre. Recall that NNPC Ltd and Dangote Petroleum Refinery & Petrochemicals reduced the prices of their product to N865 and N845 per litres respectively.

In January, 2025, importation of PMS plunged by 86.4 per cent from 51.9 million litres (51,901 tonnes) to 312.6 million litres (312,612 tonnes). Last month, Dangote Petroleum slashed the price of PMS for the second time this month by cutting N65 off the previous price of N890, bringing it down to N825 per litre at the gantry (ex-depot).

This follows a N60 reduction on February 1 as exdepot price decreased from N950 per litre in January to the current price of N825 per litre, leading a reduction of N125 per litre within 26 days. It was gathered that the latest price reduction will also ensure that Nigerians pay between N860 and N865 per litre for petrol at the pump in Lagos.

The company had said in a statement that the price adjustment would take effect from February 27 and is intended to provide essential relief to Nigerians.

Similarly, NNPC Limited reduced the pump prices petrol sold at its stations to match that of the Dangote as some retail outlets owned by the NNPC Limited adjusted their petrol pump price to N860 per litre, the same rate Dangote sells petrol at MRS filling stations in Lagos.

The company’s stations in Lagos adjusted their pumps to N860 per litre, down from N945, a few days after the Dangote refinery reduced its ex-depot petrol price from N890 to N825 per litre.