The Dangote Petroleum Refinery has announced sweeping reductions across its fuel product prices, cutting the gantry price of Premium Motor Spirit (PMS) from ₦1,175 to ₦1,075 per litre — a ₦100 reduction — as global crude oil prices continue their downward trajectory.
The coastal price of petrol has also been adjusted from ₦1,150 to ₦1,028 per litre, while diesel prices have been slashed more sharply, falling from ₦1,620 to ₦1,430 per litre — a cut of ₦190.
The refinery attributed the decision to the ongoing decline in global crude oil prices, noting that all crude processed at the facility is purchased at the global benchmark price plus a premium of $3 to $6, with foreign exchange payments made at the prevailing market rate and no subsidies applied to either crude or forex. As of March 10, 2026, Brent crude stands at approximately $88.90 per barrel, down sharply from recent highs above $100.
The Managing Director of Dangote Petroleum Refinery, David Bird, assured Nigerians that the refinery will continue to meet the nation’s fuel demand, maintaining uninterrupted supply to the domestic market. “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 stated.
The refinery noted that in 2025 alone, it reduced gantry prices on no fewer than eight occasions, increasing them only twice — an effort it described as rooted in economic patriotism and responsibility to the Nigerian people.
Source: championnews.com.ng