Dangote Refinery lowers petrol price to N774 per litre

DANGOTE Petroleum Refinery has trimmed its Premium Motor Spirit (PMS) gantry price by N25 per litre, bringing the ex-depot rate down from N799 to N774. Industry observers see the move as a deliberate price adjustment in response to changing market conditions in 2026.

The refinery notified marketers of the change on Tuesday, emphasising that the new rate would be effective immediately.

In an official communication from its Group Commercial Operations Department, Dangote Petroleum Refinery and Petrochemicals FZE stated, “Our PMS gantry price has been revised from N799 per litre to N774 per litre.”

Verification on petroleumprice.ng confirmed that the updated rate is now reflected across industry pricing platforms. The company also informed marketers that the PMS lifting bonus had been discontinued.

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The notice read: “The PMS lifting incentive ended at 12:00 a.m. on 10th February 2026. Credits for volumes lifted between 2nd and 10th February 2026, within the previously communicated thresholds, will be posted to your account statements. We appreciate your continued support.”

Analysts note that ending the bonus alongside the price reduction indicates a shift from volume-based incentives to a steadier pricing framework, as the refinery strengthens its foothold in the domestic market.

This adjustment comes after a turbulent 2025 for PMS prices, following full deregulation of the downstream sector and the removal of petrol subsidies.

Throughout 2025, ex-depot PMS prices swung significantly due to exchange rate fluctuations, global crude oil movements, and dependency on imported fuel. At different points, prices ranged from around N700 to over N800 per litre, while pump prices in some regions climbed even higher.

The start of large-scale domestic distribution from Dangote Refinery late in 2025 helped stabilise costs, particularly along southern and coastal supply routes, reducing reliance on import parity pricing.

Earlier in 2026, Dangote’s PMS gantry price had risen to N799 per litre, after selling at N699 during the festive season. The latest N25 reduction to N774 per litre reflects easing cost pressures, improved operational efficiency, and increasing competition from other supply channels, including imported cargoes and planned output from modular refineries.

With a capacity of 650,000 barrels per day, Dangote Petroleum Refinery is Africa’s largest single-train refinery and a key part of Nigeria’s effort to cut fuel imports and conserve foreign currency.

Since entering the domestic market, the refinery has become a major influencer of downstream pricing, often serving as a benchmark for ex-depot PMS rates.