The management of Dangote Petroleum Refinery has announced a major reduction in the Prices of Premium Motor Spirit (PMS), commonly known as petrol, and Automative Gas Oil ( AGO), also known as diesel. This strategic adjustment is aimed at easing the financial burden on consumers and supporting broader economic stability across Nigeria.
Under the new price framework, the gantry price of PMS has been lowered from N1,175 to N1,075 per litre – a reduction of N100. The coastal price has also been adjusted downward from N1, 150 to N1, 028 per litre, representing N122 decrease.
This decision underscores our commitment to maintaining a price structure that is sensitive to global market trends and reflective of our principles of fairness and transparency.
The refinery noted that as a company operating under a strict government ethical values, it is important for us to ensure our pricing aligns with the ongoing decline in global crude oil prices. All crude processed at the refinery is purchased at a global benchmark price, plus a premium of $3 to $6 foreign exchange payments are made at a prevailing market price, with no subsidies applied to either crude or forex.
Additionally, crude supplied through the Naira – for – crude arrangement is priced inline with global benchmark plus premium and concerted to naira using 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. We remain committed to ensuring that any cost advantages are passed onto consumers across the 36 states and Federal Capital Territory.
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 domestic market even geopolitical tensions in the Middle East have triggered sharp increases in crude prices, freight charges, insurance costs. He described the recent spike in crude market as unprecedented, pointing out that oil surged from mid – $60 range to nearly $120 per barrel in just one week – distrupting 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 premium; Bird emphasised that Nigerians now enjoys a significant advantage: a secure fuel supply driven by domestic refining capacity.
“What would be worse than $120 oil is no oil,” he noted, stressing that several countries are now rationing fuel due to total dependence on imports. He added that even nations with strong refining sectors have begun restricting fuel exports to protect their domestic markets amid the ongoing global supply shock.
Bird reaffirmed that as long as the refinery continues to have crude from the Federal Government and Nigerian National Petroleum Company Limited, it will remain fully committed to supplying the domestic market. “With the continued support of government and uninterrupted access to local crude supply, Dangote Refinery will consistently meet all of Nigeria’s refined fuel requirements,” he assured.
