The Dangote Petroleum Refinery has slashed the ex-depot (gantry) price of Premium Motor Spirit (PMS), also known as petrol, to ₦828 per litre from ₦877 per litre, marking a 5.6 percent reduction even as global crude oil prices edged higher.
Industry checks by Vanguard revealed that the adjustment comes amid a strengthened crude supply agreement between the Dangote Refinery and NNPC Limited under the ongoing naira-for-crude exchange framework. Under the arrangement, NNPC is expected to supply the 650,000-barrel-per-day facility with five December-loading crude cargoes, including Amenam, Bonny Light, Forcados, and Qua Iboe grades.
The refinery’s price review contrasts with the recent rise in global crude benchmarks, with Brent averaging $64 per barrel on Thursday, up from $62 per barrel the previous day. The move is expected to bring some respite to fuel marketers and consumers facing persistent high pump prices.
According to Petroleumprice.ng, depot loading at the new rate began early Friday in Lagos, and a corresponding reduction at retail stations is expected in the coming days.
A recent report by S&P Global Commodity Insights, presented at the Major Energy Marketers Association of Nigeria (MEMAN) conference in Lagos, noted that Dangote’s previous gantry price of ₦877 per litre (as of October 17, 2025) was already below the average import parity cost in Lagos and the ship-to-ship (STS) rate at Lome, Togo. The new price deepens that margin, reinforcing the refinery’s competitive advantage in the domestic market.
S&P Global added that the refinery’s lower pricing reflects cost efficiencies despite global oil market volatility caused by sanctions on Russian producers and fluctuating demand. Nigeria’s fuel imports, the report noted, have also declined sharply — falling below 200,000 barrels per day from about 500,000 b/d in early 2023.
However, the agency cautioned that strong regulatory oversight remains essential to sustain transparency and fair competition as Nigeria’s downstream sector transitions toward full deregulation.
The Dangote Refinery’s latest price adjustment signals growing stability in the country’s fuel supply chain, potentially easing pressure on retail pump prices and reducing Nigeria’s reliance on imported petroleum products.