Dangote Announces Petrol Price Reduction Again

Dangote Petroleum Refinery & Petrochemicals has announced a reduction in the ex-depot price of Premium Motor Spirit (PMS), commonly referred to as petrol, by N50, bringing the new price to N1,075 per litre.

This marks the fourth price cut in just one month. The update was shared in a statement on X (formerly Twitter) on Thursday.

With this latest adjustment, the total decrease in the refinery’s petrol ex-depot price amounts to N200 per litre since May 30, 2026.

The company emphasizes that it is continuing to pass lower production costs on to consumers, although it is still refining crude oil that has been purchased at significantly elevated international prices.

Dangote Refinery said the latest price adjustment reflects its commitment to transferring the benefits of improving market conditions to consumers while ensuring the sustainability of its operations.

“The latest N50 per litre reduction brings the cumulative decrease in the refinery’s PMS ex-depot price to N200 per litre since May 30, 2026, reducing the gantry price to N1,075.”

“Over the same period, the refinery has reduced the ex-depot price of Automotive Gas Oil (AGO) by N300 per litre and Jet A1 aviation fuel by N520 per litre.”

The company said the successive reductions demonstrate its commitment to ensuring Nigerians benefit from favourable market developments while maintaining the long-term sustainability of domestic refining operations.

The latest adjustment is expected to influence pump prices as marketers begin to reflect the lower ex-depot cost in retail sales.

The latest reduction comes as regulators and government officials continue to emphasise that fuel prices under Nigeria’s deregulated downstream petroleum market will be determined by market forces rather than government intervention.

Minister of State for Petroleum Resources (Oil), Heineken Lokpobiri, recently reiterated that petrol prices in a deregulated market would be driven by competition, not government directives.

The Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) has repeatedly maintained that petrol prices must remain cost-reflective, while warning marketers against profiteering and arbitrary pricing.

The Federal Competition and Consumer Protection Commission (FCCPC) has also advocated competitive market practices, insisting that consumers should benefit from lower prices resulting from improved supply conditions and stronger competition.

The increasing domestic supply of refined petroleum products is expected to intensify competition among suppliers, creating room for further price adjustments where market conditions permit.

The latest price reduction extends Dangote Refinery’s aggressive pricing strategy since the end of May as competition in Nigeria’s downstream petroleum sector continues to deepen.

The National Bureau of Statistics earlier reported that the average retail price of Premium Motor Spirit, commonly known as petrol, rose by 55.31% year-on-year to N1,596.25 per litre in May 2026.

The latest petrol price data comes amid renewed pressure on global commodity markets, driven by geopolitical developments in the Middle East and disruptions to global energy supply chains.