Dangote Refinery Reduces Petrol Price to ₦1,200 Per Litre

The Dangote Petroleum Refinery and Petrochemicals has lowered its gantry price for premium motor spirit (PMS), commonly known as petrol, to ₦1,200 per litre.

The refinery’s coastal price has also been set at ₦1,153 per litre, a move expected to influence fuel supply costs throughout Nigeria’s downstream distribution network.

Spokesperson for the Dangote Group, Anthony Chiejina, said the revision represents a downward adjustment in the refinery’s pricing framework.

“Dangote Petroleum Refinery & Petrochemicals has reduced its gantry price for petrol to ₦1,200 per litre and its coastal price to ₦1,153 per litre, a move that comes amid ongoing tensions in the Middle East that continue to influence global oil markets,” Chiejina said.

He further explained, “The adjustment marks a downward review in the refinery’s pricing structure and is expected to influence fuel supply costs across distribution channels, including depots and retail outlets.”

The price drop represents a ₦75 decrease from the previous ₦1,275 per litre. Chiejina added that the ex-depot price reduction is anticipated to ripple through Nigeria’s downstream sector, easing costs for marketers and potentially lowering pump prices.

He also highlighted the ongoing geopolitical uncertainty in global oil markets: “The Middle East crisis has introduced renewed uncertainty into global oil markets, affecting shipping routes, insurance premiums, and supply chains. For Nigeria, the presence of large-scale local refining capacity is increasingly seen as a stabilising factor, offering some insulation from external shocks even as global market pressures persist.”

The new gantry price of ₦1,200 per litre will require marketers to recalibrate landing costs, particularly for those sourcing petrol locally. Meanwhile, the coastal price of ₦1,153 per litre is expected to affect marine deliveries to southern depots, providing an alternative supply route for distributors in coastal regions.