Dangote Refinery Announces Fresh Petrol Price Cut

Dangote Petroleum Refinery has reduced its ex-depot price of Premium Motor Spirit (PMS) by N25 per litre, bringing the gantry rate down from N799 to N774 per litre with immediate effect.

Petroleum marketers were informed of the adjustment on Tuesday through a circular issued by the refinery’s Group Commercial Operations Department.

“This is to notify you of a change in our PMS gantry price from N799 per litre to N774 per litre,” the notice stated.

The refinery also confirmed the end of its PMS lifting incentive scheme, which had supported marketers’ volume offtake. The bonus ended at 12:00 a.m. on February 10, 2026. Credits for volumes loaded between February 2 and February 10, within earlier communicated thresholds, will be reflected in marketers’ account statements.

The adjustment comes as the downstream petroleum market continues to respond to deregulation and the removal of fuel subsidy in 2025. Over the past year, PMS prices have fluctuated, influenced by foreign exchange movements, global crude oil prices, and reliance on imports. Ex-depot prices across locations ranged from about N700 to above N800 per litre, while retail pump prices varied across states.

In late 2025, increased domestic supply from the Dangote refinery eased pricing pressure in several supply routes, particularly in coastal and southern regions, and reduced dependence on import-parity pricing.

Earlier this year, the refinery had raised its gantry price to N799 per litre after selling petrol at N699 per litre during the festive period.

Market analysts link the latest reduction to lower operating costs and more competitive supply conditions, including imports and expected output from modular refineries.

With a processing capacity of 650,000 barrels per day, the Dangote Petroleum Refinery is Africa’s largest single-train refinery and a key part of Nigeria’s efforts to reduce fuel imports and conserve foreign exchange.