Dangote Refinery Slashes Petrol Price to ₦774 per Litre in Strategic Market Move

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Dangote Petroleum Refinery has announced a reduction in its ex-depot (gantry) price of Premium Motor Spirit (PMS), commonly known as petrol, by ₦25 per litre, bringing the new rate down from ₦799 to ₦774 per litre.

The adjustment, which took immediate effect, was communicated to petroleum marketers on Tuesday through a notice from the refinery's Group Commercial Operations Department. The statement read: “This is to notify you of a change in our PMS gantry price from N799 per litre to N774 per litre.”

This latest price cut follows an earlier increase in early 2026, when the refinery raised its gantry price to ₦799 per litre after offering lower rates of ₦699 during the festive season. Industry analysts attribute the reduction to several factors, including improved operational efficiency at the 650,000 barrels-per-day facility, easing cost pressures, and intensifying competition in the downstream sector.

The move is seen as a strategic effort by Dangote Refinery to strengthen the competitiveness of locally refined products against imported petrol. Recent data indicates that the landing cost of imported PMS (from sources like Lome) has hovered around ₦793 per litre, making the refinery's new ₦774 rate more attractive to marketers. Additionally, imported fuel has occasionally undercut Dangote's previous pricing, prompting this recalibration to maintain market share and potentially drive down retail pump prices in the coming days.

Market observers note that while the ex-depot price has dropped, retail prices at filling stations nationwide currently range between ₦839 and ₦905 per litre in areas like Abuja, depending on location and dealer margins. The reduction could translate to modest relief for consumers if marketers pass on the savings amid growing competition from other depots and importers.

The refinery also confirmed that its previous PMS lifting incentive (bonus for marketers) ended at midnight on February 10, 2026, with credits for eligible volumes to be posted to accounts.

This development underscores the evolving dynamics in Nigeria's petroleum market since the full deregulation of fuel prices, with local refining capacity from Dangote playing a pivotal role in reducing reliance on imports and stabilizing supply.

Analysts expect further adjustments as competition intensifies from modular refineries and imported cargoes, potentially benefiting motorists in the short to medium term.

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