In a move aimed at stabilizing domestic fuel supply and easing market pressure, Dangote Refinery has announced a significant reduction in the ex-depot (gantry) price of Premium Motor Spirit (PMS), also known as petrol, by ₦49 per litre.
The refinery now sells petrol at ₦828 per litre, down from ₦877, representing a 5.6 percent decrease, according to the latest market data from Petroleumprice.ng. The new price became effective Friday, marking the refinery’s second major price review in three months amid ongoing global oil market fluctuations.
“Dangote has reduced gantry price from ₦877 per litre to ₦828 per litre,” a petroleum marketer confirmed to our correspondent on Friday.
The development comes at a time of tightening fuel margins and rising operational costs, which have kept retail pump prices high across several Nigerian states. The Major Energies Marketers Association of Nigeria (MEMAN) also confirmed the price adjustment in its daily energy bulletin.
Findings by our correspondent revealed that while MRS Oil has already aligned with the new benchmark, selling petrol at ₦870 per litre in the parallel depot market, several other major depots are yet to reflect the new pricing.
The MEMAN bulletin further indicated mixed movements across petroleum product categories — while petrol recorded a marginal drop, diesel and aviation fuel prices surged sharply, signaling continued volatility in the downstream sector.
After factoring in freight, insurance, port charges, and financing costs, the 30-day moving average price for petrol now stands at ₦824.10 per litre, showing a modest decline. On the international spot market, petrol traded at ₦830.80 per litre for ASPAM and ₦830.82 for NPSC–NOJ — both slightly above Dangote’s new gantry price.
At coastal depots, petrol sold for ₦815.14 per litre, while the Dangote Refinery maintained its new benchmark of ₦828.00 per litre at the gantry.
However, the refinery increased the price of Automotive Gas Oil (diesel), which continues to rise nationwide despite the reduction in petrol prices. Diesel traded at ₦784.75 per metric tonne at coastal points and ₦950.00 per litre at the gantry, while aviation fuel sold for ₦815.50 per metric tonne at coastal points and ₦1,025.77 per litre at the gantry.
In contrast, Liquefied Petroleum Gas (LPG) remained stable at ₦15,000 per metric tonne ex-gantry, the only product showing consistency amid widespread price fluctuations.
Across major depot hubs in Lagos, Warri, and Port Harcourt, diesel prices rose sharply following Dangote’s latest adjustment, averaging ₦983 per litre nationwide — up from ₦919 last week, representing a 7 percent week-on-week increase.
The Chief Executive Officer of Petroleumprice.ng, Olatide Jeremiah, described the price reduction as a welcome development that demonstrates Dangote Refinery’s commitment to affordability and consistent supply amid the ongoing 15 percent electricity tariff debate.
“This 5 percent reduction from ₦877 to ₦828 is a welcome development as it will give confidence to Nigerians that the refinery has the mandate to deliver availability and affordability of petroleum products,” Jeremiah said.
