Breaking: Again, Dangote Refinery slashes petrol price

Dangote Petroleum Refinery has announced another reduction in the ex-depot price of Premium Motor Spirit (PMS), marking its fourth fuel price cut within one month as global crude oil prices continue to decline.

The latest adjustment, announced in a statement on Thursday, reduced the gantry price of petrol from N1,125 per litre to N1,075 per litre, representing a N50 decrease.

Fourth reduction in one month

With the latest review, the refinery has now slashed the ex-depot price of petrol by a cumulative N200 per litre since May 30, 2026.

The company also announced significant reductions in the prices of other petroleum products, cutting the ex-depot price of Automotive Gas Oil (AGO), commonly known as diesel, by N300 per litre, while Jet A1 aviation fuel was reduced by N520 per litre.

The latest reductions are expected to influence fuel prices across the country as marketers adjust their pump prices in line with the new ex-depot rates.

Refinery explains price review

Dangote Refinery said the successive price reductions reflect its commitment to ensuring Nigerians benefit from favourable developments in the international oil market while sustaining the viability of local refining operations.

According to the company, the petroleum products currently being supplied were refined from crude oil purchased when international prices were considerably higher.

It noted that its pricing decisions are based on actual production costs and inventory values rather than temporary movements in global crude oil prices.

“Today’s N50 per litre reduction is the fourth price cut in one month, bringing cumulative reductions to above N200 per litre on PMS. This approach ensures that pricing decisions are anchored on actual production economics and inventory costs rather than short-term fluctuations in international oil markets,” the refinery stated.

Domestic refining boosts energy security

The refinery maintained that Nigeria is beginning to enjoy the benefits of increased domestic refining capacity, noting that local production has significantly improved energy security.

According to the company, its current production is sufficient to meet national fuel demand, reducing the country’s dependence on imported petroleum products and helping conserve scarce foreign exchange.

The company added that increased domestic refining would also provide greater price stability for consumers and businesses while supporting the long-term growth of Nigeria’s downstream petroleum sector.

The latest announcement follows three previous petrol price reductions implemented by the refinery over the past month as crude oil prices continued to ease in the international market.