Dangote Refinery has reduced the gantry price of Premium Motor Spirit (PMS), commonly known as petrol, to N1,075 per litre, marking a N100 drop from the N1,175 per litre announced earlier this week, in a move that may ease pressure on fuel costs across the downstream market.
The refinery announced on Tuesday that the price adjustment takes immediate effect from March 10, 2026, noting that the decision was taken to reflect changes in global crude oil prices and prevailing market conditions.
The latest reduction comes barely 24 hours after the refinery raised the ex-depot price of petrol to N1,175 per litre, the third increase recorded within a week amid volatility in international crude oil markets.
The refinery had earlier increased PMS prices from about N774 per litre to N874, before another upward review to N995 per litre and subsequently N1,175 per litre, reflecting the sharp fluctuations in global crude prices and replacement costs.
The adjustments triggered concerns among marketers and consumers that retail pump prices could climb further above the N1,000 per litre threshold at filling stations across the country.
Under the revised pricing template, the refinery also lowered the coastal price of PMS from N1,150 to N1,028 per litre, representing a reduction of N122 per litre.
Similarly, the price of Automotive Gas Oil (AGO), also known as diesel, has been reduced from N1,620 to N1,430 per litre, a decline of N190 per litre.
Dangote Refinery said the downward review reflects its commitment to ensure that fuel prices remain responsive to international oil market movements.
“This decision is intended to assure Nigerians that the pricing mechanism remains responsive to global market dynamics and indicative of our fair pricing system.”
It added that as responsible corporate citizens operating in a high-governance code and ethical environment, it is imperative to reduce the price of the products as a reflection of the decline in global crude oil prices.
“All our crudes are priced on global benchmark price plus $3 to $6 additional premium. Our forex is paid at prevailing market rate of the day with no subsidy in both crude and forex. For the avoidance of doubt, the crude supplied under the Naira-for-Crude arrangement is priced according to the global benchmark price plus a premium which is then converted to naira using the prevailing market exchange rate,” it added
The refinery further emphasised that price reviews have become a regular feature of its operations in response to fluctuations in the global energy market.
“In 2025, we reduced our gantry price not less than eight times, while increasing it only twice. This is borne out of a sense of economic patriotism and a duty to the people of Nigeria. We affirm our commitment to set prices of refined products by passing on the benefits to all Nigerians across the 36 states of the Federation and the Federal Capital Territory.”
The company said it remains committed to stabilising domestic fuel supply while balancing global market realities.
“Dangote refinery is fully committed to strengthening national energy security while remaining mindful of the economic realities faced by Nigerians.”