Dangote Petroleum Refinery and Petrochemicals has announced a fresh reduction in the ex-depot price of Premium Motor Spirit (PMS), popularly known as petrol, marking the fourth downward review of its fuel price within a month.
The company disclosed in a statement on Thursday that the latest reduction of N50 per litre lowers the refinery’s ex-depot, or gantry, price from N1,125 to N1,075 per litre.
The new adjustment brings the total reduction in the refinery’s petrol price to N200 per litre since May 30, 2026, in a move expected to provide relief to marketers and consumers across the country.
According to the company, the price cut reflects its commitment to transferring the benefits of lower production costs to Nigerians, despite the refinery continuing to process crude oil purchased at significantly higher international prices.
“Dangote Refinery’s successive reductions demonstrate its commitment to ensuring Nigerians benefit from favourable market developments while maintaining the long-term sustainability of domestic refining operations,” the company stated.
The refinery explained that while global crude oil prices have moderated in recent weeks, it had previously acquired crude feedstock at much higher rates, which influenced production costs.
Official cargo records showed that the refinery processed crude purchased at about $124.80 per barrel in May and $95.25 per barrel in June.
The company noted that as lower-cost crude inventories gradually replace earlier, more expensive purchases, the savings are being reflected in domestic fuel prices.
Industry analysts say the latest reduction highlights the growing influence of local refining on Nigeria’s downstream petroleum market and could contribute to further moderation in retail fuel prices if marketers pass on the reductions to consumers.
Beyond petrol, Dangote Refinery also announced substantial reductions in the prices of other petroleum products over the same period.
The company disclosed that the ex-depot price of Automotive Gas Oil (AGO), commonly known as diesel, has been reduced by N300 per litre since the end of May, while Jet A1 aviation fuel has recorded a cumulative reduction of N520 per litre.
The refinery said the price adjustments are part of its broader strategy to improve energy affordability, support economic activities and strengthen domestic refining capacity amid fluctuations in the international oil market.
The latest reduction comes as competition intensifies in Nigeria’s downstream sector following the expansion of local refining operations and ongoing reforms aimed at achieving a fully deregulated petroleum market.
Stakeholders believe sustained price moderation by local refiners could help reduce transportation and production costs across key sectors of the economy while improving energy security and reducing dependence on imported petroleum products.
