- The coastal price has also been lowered from N1,150 to N1,028 per litre, reflecting a reduction of N122. In the same vein
- the price adjustments reflect its effort to keep fuel costs in line with movements in the global oil market
- He noted that while countries heavily dependent on fuel imports are experiencing panic buying and supply rationing
The management of Dangote Petroleum Refinery has announced a significant drop in the prices of petrol and diesel, a move aimed at reducing the financial pressure on consumers and helping stabilize Nigeria’s economy.
Eko Hot Blog reports that under the revised pricing structure, the gantry price of Premium Motor Spirit (PMS), widely known as petrol, has been reduced from N1,175 to N1,075 per litre, representing a N100 decrease.
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The coastal price has also been lowered from N1,150 to N1,028 per litre, reflecting a reduction of N122. In the same vein, the price of Automotive Gas Oil (AGO), commonly called diesel, has been cut from N1,620 to N1,430 per litre, a drop of N190.
According to the refinery, the price adjustments reflect its effort to keep fuel costs in line with movements in the global oil market while maintaining transparency and fairness in its pricing system.
The company explained that the crude oil processed at the refinery is purchased at international benchmark prices with an additional premium ranging between $3 and $6 per barrel. Payments for crude and foreign exchange transactions are made using prevailing market rates, without any form of subsidy.
It further clarified that crude obtained under the naira-for-crude arrangement is also priced according to the global benchmark plus the applicable premium, before being converted to naira using the current exchange rate.
The refinery noted that throughout 2025 it has adjusted its gantry prices several times, lowering them on eight occasions and raising them only twice. It described the approach as part of its commitment to supporting Nigerians by passing cost benefits to consumers across the country, including the Federal Capital Territory.
Meanwhile, the Managing Director of the refinery, David Bird, recently reassured Nigerians that the facility will continue to meet the nation’s fuel needs despite instability in the global oil and gas market.
He noted that while countries heavily dependent on fuel imports are experiencing panic buying and supply rationing, Nigeria is unlikely to face such challenges due to the refinery’s domestic production capacity.
Bird added that the refinery has continued to supply fuel consistently to the local market even as geopolitical tensions in the Middle East push up crude prices, freight costs, and insurance charges.
He described the recent volatility in the crude oil market as extraordinary, noting that oil prices jumped from the mid-$60 range to nearly $120 per barrel within a week, affecting energy supply chains worldwide.
Despite these global pressures, he said Nigeria now enjoys a major advantage through local refining, which helps secure a steady supply of fuel for the country.
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