N500 Per Litre Fuel Price Imminent in Nigeria

 The Nigerian downstream oil sector is set for a transformation with the operationalization of the Port Harcourt, Warri, and Dangote Petroleum Refineries. Industry experts and stakeholders assert that these developments will introduce competitive pricing, diversify supply sources, and ultimately lower fuel costs for consumers.

Energy stakeholders project that the price of Premium Motor Spirit (PMS), or petrol, currently priced between N900 and N950 per litre, could drop to as low as N500 per litre in 2025. Key factors driving this potential price reduction include:

  • Increased Local Refining Capacity: The Warri, Port Harcourt, and Dangote refineries are ramping up operations, reducing Nigeria’s reliance on imports.
  • Stable Forex Policy: A more predictable exchange rate policy reduces the cost of importing petroleum products.
  • Naira-for-Crude Policy: Local refineries can purchase crude oil in Naira, reducing their exposure 

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