Dangote Refinery Cuts Petrol Price to N774 Per Litre as PMS Ex-Depot Rate Falls

Dangote Refinery has reduced the petrol price at its gantry, lowering the Premium Motor Spirit (PMS) ex-depot rate from N799 to N774 per litre, a N25 decrease with immediate effect.

The price adjustment was communicated to marketers in a notice issued by the Group Commercial Operations Department of Dangote Petroleum Refinery and Petrochemicals FZE. The refinery confirmed the new PMS gantry price takes effect immediately, signaling a fresh shift in Nigeria’s downstream oil market.

The reduction also comes as the refinery announced the end of its PMS lifting incentive, a move analysts say could further strengthen the competitiveness of locally refined petroleum products.

Market observers note that petrol prices in Nigeria remain largely influenced by exchange rate fluctuations and global crude oil prices. Over the past year, the PMS ex-depot price has oscillated between N700 and above N800 per litre, directly impacting pump prices nationwide.

The 650,000-barrel-per-day Dangote Refinery, Africa’s largest single-train refinery, began petrol supply in 2024 after initially producing diesel and aviation fuel earlier that year. Its entry into the PMS market marked a significant shift in Nigeria’s energy landscape, long dominated by fuel imports.

Nigeria’s downstream sector has undergone sweeping reforms since 2023, including the removal of fuel subsidies and the floating of the naira. While these reforms triggered higher fuel prices and inflationary pressures in the short term, policymakers argue they are necessary to stabilise public finances and attract long-term investment.

The latest Dangote Refinery petrol price cut may offer modest relief to marketers and consumers if reflected at retail pumps.