Dangote Petroleum Refinery has announced another reduction in the ex-depot price of Premium Motor Spirit (PMS), cutting the price by ₦50 per litre in its fourth downward review within one month.
The latest reduction brings the refinery’s ex-depot price of petrol to ₦1,075 per litre, with cumulative price cuts reaching ₦200 per litre since May 30, 2026.
In a statement issued on Thursday, the refinery said it had also reduced the ex-depot price of Automotive Gas Oil (diesel) by ₦300 per litre and Jet A1 aviation fuel by ₦520 per litre over the same period.
According to the company, the repeated price reductions reflect its commitment to ensuring Nigerians benefit from lower production costs while maintaining the long-term sustainability of its refining operations.
The refinery explained that petroleum product prices cannot immediately reflect fluctuations in global crude oil prices because crude oil is typically purchased several weeks or months before refining. It noted that the products currently being supplied were refined from crude acquired when international prices were significantly higher.
Dangote Refinery disclosed that the average landed cost of crude processed was approximately 124.80 US dollars per barrel in May and 95.25 US dollars per barrel in June, compared with the current international benchmark of about 71.01 US dollars per barrel.
The company also clarified that its crude procurement costs are not determined solely by the widely quoted Brent crude benchmark but also include market premiums, freight, insurance, and logistics costs, resulting in a higher overall acquisition cost.
Despite the increase in crude procurement costs during the period, the refinery said it deliberately absorbed a significant portion of the additional expenses instead of passing them on to consumers, in a bid to promote market stability and cushion Nigerians from volatility in global energy prices.
The company added that its pricing strategy has helped keep petroleum product prices in Nigeria below those of several neighbouring countries while strengthening domestic energy security, reducing dependence on fuel imports, conserving foreign exchange, and providing greater price stability.
Dangote Refinery expressed optimism that if international crude oil prices remain favourable and lower-cost crude inventories continue to replace earlier, more expensive supplies, Nigerians should expect further reductions in the price of petrol.
The refinery reaffirmed its commitment to supplying high-quality petroleum products at competitive prices while supporting Nigeria’s economic growth and the long-term development of the downstream petroleum sector.
