Dangote Refinery Slashes Petrol Price by ₦100, Assures Nigerians Fuel Scarcity Is Over

Dangote Refinery Slashes Petrol Price by ₦100, Assures Nigerians Fuel Scarcity Is Over

The Dangote Petroleum Refinery has announced a major reduction in the price of Premium Motor Spirit (PMS), cutting the gantry price by ₦100 per litre and declaring that persistent fuel scarcity in Nigeria is now a thing of the past due to increased domestic refining capacity.

The management of the Dangote Petroleum Refinery has announced a significant reduction in the prices of Premium Motor Spirit (PMS), popularly known as petrol, and Automotive Gas Oil (AGO), also known as diesel, in a move aimed at easing financial pressure on consumers and supporting economic stability across Nigeria.

Under the new pricing structure, the gantry price of petrol has been reduced from ₦1,175 to ₦1,075 per litre, representing a ₦100 decrease. The coastal price has also dropped from ₦1,150 to ₦1,028 per litre, reflecting a reduction of ₦122. Diesel prices were equally adjusted downward from ₦1,620 to ₦1,430 per litre, marking a ₦190 cut.

According to the refinery’s management, the decision reflects its commitment to maintaining a pricing system that responds to global market dynamics while ensuring fairness and transparency for consumers.

The company noted that crude oil processed at the refinery is purchased at international benchmark prices with an additional premium of between $3 and $6 per barrel. Payments for foreign exchange are also made at prevailing market rates without any form of subsidy on either crude supply or foreign exchange.

It further explained that crude supplied under the Naira-for-Crude arrangement is still priced based on the global benchmark plus premium before being converted to naira using the current exchange rate.

The refinery disclosed that in 2025 alone, it reduced its gantry prices at least eight times while increasing prices only twice, describing the pricing approach as part of its economic commitment to the Nigerian people.

The company reiterated that it will continue to pass on any cost advantages to consumers across the country’s 36 states and the Federal Capital Territory.

Meanwhile, the Managing Director of the Dangote Petroleum Refinery, David Bird, has assured Nigerians that the refinery has the capacity to meet the nation’s fuel demand despite volatility in the global oil and gas market.

Bird said that while several fuel-import-dependent countries are currently experiencing panic buying and fuel rationing, Nigeria would not face similar challenges because of the refinery’s commitment to maintaining steady supply.

He noted that the refinery has continued to supply fuel to the domestic market without interruption, even as geopolitical tensions in the Middle East triggered sharp increases in crude oil prices, freight charges and insurance costs.

According to him, global crude prices recently surged from the mid-$60 range to nearly $120 per barrel within a week, creating disruptions across the international energy supply chain.

Despite these pressures, Bird stressed that Nigeria now enjoys a strategic advantage due to its growing domestic refining capacity.

“What would be worse than $120 oil is no oil,” he said, noting that some countries are already rationing fuel because they rely entirely on imports.

He also pointed out that even nations with strong refining industries have begun restricting fuel exports in order to protect their domestic markets amid the ongoing global supply shock.

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 committed to meeting Nigeria’s fuel needs.

“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.