Nigerians spent approximately ₦1.3 trillion on Premium Motor Spirit (PMS) in June 2025, according to new data released by the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA). The regulator disclosed that 1.44 billion litres of PMS were distributed nationwide within the month, even as pump prices hovered between ₦885 and ₦925 per litre, averaging ₦905/litre.
Depot Volumes Rise as Competition Deepens
The surge in consumption occurred amid heightened market competition. The report shows that ₦411.9 billion worth of fuel was supplied from local refineries, while ₦891.9 billion worth came from private depots. Combined, these accounted for a daily average distribution of 48 million litres, slightly down from 54 million litres in May.
Refineries contributed 455.2 million litres, while depots supplied 985.6 million litres, representing an 18.55% month-on-month increase from May’s 1.22 billion litres. Truck movement dropped from 37,000 in May to 32,000 in June, signalling tighter logistics.
Independent Marketers Undercut Dangote Prices
In a notable shift, some independent importers have reduced PMS pump prices below Dangote Refinery’s rates. While Dangote’s authorised distributors including MRS and Heyden maintained retail prices between ₦865 and ₦875, several filling stations in Lagos and Ogun sold petrol at ₦850/litre.
Furthermore, some depots offered ex-depot rates as low as ₦815/litre, undercutting Dangote’s ₦820/litre benchmark. The downward price pressure reflects aggressive pricing strategies by marketers sourcing imports independently, despite Dangote’s push to dominate domestic supply.
Downstream Implications and Product Breakdown
Other petroleum products experienced varying trends. Automotive Gas Oil (AGO) volumes declined to 424 million litres from 552 million litres in May, with 54 million litres supplied by refineries and 370 million litres by depots. Aviation Turbine Kerosene (ATK), however, rose to 67 million litres, up from 54 million litres, hinting at increased aviation demand or improved supply access.
Competitive Pricing Reshapes Market
As marketers continue to underprice Dangote’s distribution cost, the downstream market is clearly entering a new era of price-driven competition. With PMS volumes rising and depot prices softening, analysts project that consumer pump prices may trend downward if current conditions persist.
This evolving market dynamic reflects a shift in supply chain control, with private importers challenging the refinery’s dominance and influencing national pricing more than anticipated.