The Dangote Petroleum Refinery has announced a fresh reduction in the price of Premium Motor Spirit (PMS), commonly known as petrol, lowering the ex-depot price by ₦100 to ₦1,075 per litre.
The new pricing structure, which took effect on March 10, 2026, represents a drop from the previous gantry price of ₦1,175 per litre that had been implemented days earlier amid fluctuations in global crude oil prices.
arise.tv According to the refinery, the adjustment is part of its pricing review mechanism designed to reflect movements in the international oil market.
The company explained that crude oil supplied to the refinery is priced using global benchmark rates, and therefore petrol prices are periodically adjusted to align with market conditions.
Alongside the petrol price reduction, the refinery also lowered the price of Automotive Gas Oil (diesel) to ₦1,430 per litre, down from ₦1,620, representing a ₦190 decrease.
Industry observers say the reduction follows a recent decline in global crude oil prices, which dropped below $90 per barrel amid geopolitical tensions and shifts in global supply expectations.
The refinery clarified that the ₦1,075 price applies to the gantry level — the point where fuel marketers purchase products in bulk from the refinery.
Final pump prices at filling stations may still vary due to additional costs such as transportation, distribution margins, and regulatory levies imposed by the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA).
Market participants are now watching closely to see whether the price reduction at the refinery will translate into lower retail petrol prices across Nigeria, as filling station prices are often influenced by logistics costs and supply chain dynamics.
The Dangote Refinery, located in the Lekki Free Trade Zone in Lagos, is one of the largest single-train refineries in the world and was built to help reduce Nigeria’s reliance on imported refined petroleum products.
Source: Channelstv
