Dangote Refinery Cuts Petrol Price by ₦100, Assures Nigerians of Steady Fuel Supply

Dangote Refinery Cuts Petrol Price by ₦100, Assures Nigerians of Steady Fuel Supply

Lagos, Nigeria — The Dangote Petroleum Refinery has announced a significant reduction in the prices of Premium Motor Spirit (PMS), popularly known as petrol, and Automotive Gas Oil (AGO), also known as diesel, in a move aimed at easing the financial burden on consumers and stabilising Nigeria’s energy market.

Under the new pricing structure, the refinery reduced the gantry price of petrol from ₦1,175 to ₦1,075 per litre, representing a ₦100 decrease. The coastal price was also lowered from ₦1,150 to ₦1,028 per litre, reflecting a ₦122 reduction.

Diesel prices were similarly adjusted downward, dropping from ₦1,620 to ₦1,430 per litre, amounting to a ₦190 cut.

The company said the decision reflects its commitment to maintaining a fair and transparent pricing system that responds to developments in the global oil market.

According to the refinery, the adjustments align with the recent decline in international crude oil prices. It explained that all crude oil processed at the facility is purchased at the global benchmark price plus a premium of $3 to $6, while foreign exchange transactions are carried out at prevailing market rates without subsidies.

The refinery added that crude supplied under the naira-for-crude arrangement is also priced in line with global benchmarks before being converted to naira using the current exchange rate.

The management noted that throughout 2025, the refinery reduced its gantry prices on eight occasions, increasing them only twice, describing the pricing strategy as part of its responsibility to support Nigerians and promote economic stability.

Meanwhile, the Managing Director of the refinery, David Bird, assured Nigerians that the facility has the capacity to meet domestic fuel demand despite ongoing volatility in the global oil and gas market.

Bird said while some fuel-import-dependent countries are experiencing panic buying and fuel rationing, Nigeria is unlikely to face similar challenges due to the country’s growing domestic refining capacity.

He noted that geopolitical tensions in the Middle East have triggered sharp increases in crude oil prices, freight charges and insurance costs, pushing global oil prices from the mid-$60 range to nearly $120 per barrel within a week.

Despite these pressures, Bird said the refinery has continued to maintain steady supply to the domestic market.

“What would be worse than $120 oil is no oil,” he said, explaining that several countries have begun rationing fuel due to heavy reliance on imports.

He added that even nations with strong refining capacity have started restricting fuel exports to protect their local markets amid the global supply disruptions.

Bird reaffirmed the refinery’s commitment to meeting Nigeria’s fuel needs, noting that sustained crude supply from the Federal Government and the Nigerian National Petroleum Company Limited will ensure uninterrupted domestic production.

“With continued government support and access to local crude supply, Dangote Refinery will consistently meet all of Nigeria’s refined fuel requirements,” he said.