Fuel price drops as Dangote slashes PMS cost by N100

The management of Dangote Petroleum Refinery has announced a major reduction in the prices of Premium Motor Spirit (PMS), commonly known as petrol, and Automotive Gas Oil (AGO), also known as diesel.

The adjustment, according to the company is aimed at easing the financial burden on consumers and supporting broader economic stability across Nigeria.

Under the new pricing framework, the gantry price of PMS has been lowered from ₦1,175 to ₦1,075 per litre—a reduction of ₦100. The coastal price has also been adjusted downward from ₦1,150 to ₦1,028 per litre, representing a ₦122 decrease. Diesel prices have similarly been reduced from ₦1,620 to ₦1,430 per litre, amounting to a ₦190 cut.

“This decision underscores our commitment to maintaining a pricing structure that remains sensitive to global market trends and reflective of our principles of fairness and transparency”, the company stated.

The refinery noted that as a company operating under strict governance standards and strong ethical values, it was important to ensure the pricing aligns with the ongoing decline in global crude oil prices. “All crude processed at the refinery is purchased at the global benchmark price, plus a premium of $3 to $6. Foreign exchange payments are made at the prevailing market rate, with no subsidies applied to either crude or forex.

Additionally, crude supplied through the Naira‑for‑Crude arrangement is priced in line with the global benchmark plus premium and converted to naira using the current exchange rate.

“In 2025 alone, we reduced our gantry prices on no fewer than eight occasions, increasing them only twice—an effort rooted in economic patriotism and our responsibility to the Nigerian people”.

Recently, the Managing Director of Dangote Petroleum Refinery, David Bird, assured Nigerians that the refinery will continue to meet the nation’s fuel demand despite turbulence in the global oil and gas market. He noted that while fuel‑import‑dependent nations are experiencing panic buying and rationing, Nigeria will not face similar conditions because of the refinery’s unwavering commitment to ensuring nationwide fuel availability.

Bird highlighted that the refinery continues to supply uninterrupted fuel to the domestic market even as geopolitical tensions in the Middle East have triggered sharp increases in crude prices, freight charges, and insurance costs. He described the recent spike in crude markets as unprecedented, pointing out that oil surged from the mid‑$60 range to nearly $120 per barrel in just one week—disrupting every segment of the global energy supply chain.

While acknowledging that the refinery is not insulated from global price fluctuations, freight volatility, or rising insurance premiums, Bird emphasized that Nigeria now enjoys a significant advantage: a secure fuel supply driven by domestic refining capacity.