The management of the Dangote Petroleum Refinery has announced a significant reduction in the prices of Premium Motor Spirit (PMS), also known as petrol, and Automotive Gas Oil (AGO), commonly called diesel, in a move aimed at easing the financial burden on Nigerians and supporting economic stability.
Under the new pricing structure, the gantry price of PMS has dropped from ₦1,175 to ₦1,075 per litre, representing a ₦100 reduction. The coastal price has also been lowered from ₦1,150 to ₦1,028 per litre, a decrease of ₦122 per litre. Diesel prices were reduced from ₦1,620 to ₦1,430 per litre, marking a ₦190 cut.
The refinery said the adjustment reflects its commitment to fair and transparent pricing in line with global crude oil market trends. According to the company, all crude processed at the refinery is purchased at the international benchmark price plus a premium of $3 to $6, while foreign exchange payments are made at the prevailing market rate without any subsidy on crude or forex. Crude supplied under the naira-for-crude arrangement is also priced based on the global benchmark plus premium and converted using the current exchange rate.
The refinery disclosed that in 2025 alone, gantry prices were reduced at least eight times, with only two upward adjustments, describing the move as part of its economic responsibility to Nigerians. It added that the company remains committed to ensuring that any cost advantage is passed on to consumers across all 36 states and the Federal Capital Territory.
Managing Director of the refinery, David Bird, assured Nigerians that the facility will continue to meet the nation’s fuel demand despite ongoing volatility in the global oil and gas market. He explained that while many fuel-import-dependent countries are experiencing panic buying and rationing, Nigeria will not face similar challenges due to its growing domestic refining capacity.
Bird noted that the refinery has maintained uninterrupted supply to the local market despite rising crude prices, freight costs, and insurance premiums caused by geopolitical tensions in the Middle East. He revealed that crude oil prices recently jumped from the mid-$60 range to nearly $120 per barrel within one week, disrupting the global energy supply chain.
He emphasized that although the refinery is not immune to global market pressures, Nigeria now has a major advantage through local refining.
“What would be worse than $120 oil is no oil,” he said, adding that some countries have begun rationing fuel due to heavy reliance on imports, while others are restricting exports to protect domestic supply.
Bird reaffirmed that as long as the refinery continues to receive crude supply from the Federal Government and the Nigerian National Petroleum Company Limited, it will remain fully committed to supplying the local market.
“With the continued support of the government and uninterrupted access to local crude supply, Dangote Refinery will consistently meet all of Nigeria’s refined fuel requirements,” he assured.
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