Dangote Refinery slashes petrol price

Dangote Petroleum Refinery has announced a fresh reduction in the gantry price of Premium Motor Spirit (PMS), commonly known as petrol, lowering the cost by ₦25 per litre.

With the new adjustment, the ex-depot price has dropped from ₦799 to ₦774 per litre, offering some relief to marketers and potentially easing pump prices for consumers across the country.

In a notice issued by its Group Commercial Operations Department, Dangote Petroleum Refinery and Petrochemicals FZE said:

“This is to notify you of a change in our PMS gantry price from ₦799 per litre to ₦774 per litre.”

Checks on industry platform petroleumprice.ng confirmed that the revised price had been reflected across petroleum pricing systems.

The company also announced the end of its PMS lifting incentive programme.

“Additionally, please note that the PMS lifting bonus ended at 12:00 a.m. on 10th February 2026. The corresponding credit for volumes loaded from 2nd to 10th February 2026, within the stipulated volume thresholds earlier communicated, will be posted to your account statement. Thank you for your continued partnership,” the notice read.

Industry analysts say the closure of the bonus window alongside the price cut signals a shift from volume-driven incentives to a more stable pricing framework as the refinery consolidates its domestic market share.

The reduction comes amid continued volatility in PMS prices following the full deregulation of the downstream sector and removal of fuel subsidies.

Throughout 2025, ex-depot prices fluctuated between ₦700 and over ₦800 per litre due to exchange rate pressures, global crude oil prices and reliance on imported fuel, pushing pump prices significantly higher across the country.

Large-scale supply from the Dangote refinery late last year helped moderate prices, especially in coastal and southern distribution corridors.

Earlier in 2026, the refinery raised its price to ₦799 per litre after selling at ₦699 during the festive season.

The latest reduction suggests easing production costs, improving operational efficiency and increasing competition from imported cargoes and anticipated output from modular refineries.

With a capacity of 650,000 barrels per day, Dangote Refinery Africa’s largest single-train refinery has become a key reference point for domestic fuel pricing and a central pillar in Nigeria’s push to reduce fuel imports and conserve foreign exchange.

(PUNCH)