Dangote Refinery Cuts Petrol Price Again, Slashes Ex-Depot Rate to ₦1,075/Litre

Dangote Petroleum Refinery has announced another reduction in the ex-depot price of Premium Motor Spirit (PMS), commonly known as petrol, cutting the price by ₦50 per litre to ₦1,075 per litre.

The latest adjustment, announced on Thursday, marks the refinery's fourth petrol price reduction within one month, bringing the cumulative reduction since May 30, 2026, to ₦200 per litre.

The company said the latest price cut reflects its commitment to passing the benefits of improving market conditions to consumers while sustaining domestic refining operations.

Dangote Refinery noted that, despite the reductions, it is still processing crude oil purchased at significantly higher international prices.

It also disclosed that over the same period, it reduced the ex-depot price of Automotive Gas Oil (AGO), also known as diesel, by ₦300 per litre, while the price of Jet A1 aviation fuel has fallen by ₦520 per litre.

In a statement, the refinery explained that petroleum product prices cannot immediately reflect daily fluctuations in global crude oil prices because crude oil is often purchased several weeks or months before refining.

According to the company, the petroleum products currently being supplied were refined from crude inventories acquired when international oil prices were much higher.

It revealed that the average landed cost of crude processed stood at approximately $124.80 per barrel in May and $95.25 per barrel in June, compared with the current international benchmark price of about $71.01 per barrel.

The refinery also clarified that its crude procurement costs are not determined solely by the widely quoted ICE Brent benchmark.

Rather, it said crude purchases are made on a Dated Brent basis, with additional costs such as market premiums, freight and logistics significantly influencing the final acquisition cost.

According to the company, it deliberately absorbed a substantial portion of the higher feedstock costs instead of transferring the full burden to consumers, in a bid to stabilise the domestic market and cushion Nigerians from volatility in global energy prices.

Dangote Refinery said its pricing strategy has helped keep petroleum product prices in Nigeria below those in neighbouring countries, even after accounting for taxes.

The company added that as lower-priced crude cargoes gradually replace earlier high-cost inventories, the savings are being transferred to consumers through phased reductions in pump prices.

"Today's ₦50 per litre reduction is the fourth price cut in one month, bringing cumulative reductions to above ₦200 per litre on PMS. This approach ensures that pricing decisions are anchored on actual production economics and inventory costs rather than short-term fluctuations in international oil markets," the company said.

It further stated that the refinery currently produces enough petroleum products to meet Nigeria's domestic demand, helping to strengthen energy security, reduce dependence on imported fuel, conserve foreign exchange and improve price stability.

Dangote Refinery expressed optimism that if global crude oil prices remain favourable and lower-cost crude continues to feed into production, Nigerians could see further reductions in the price of petrol.

The company reaffirmed its commitment to supplying high-quality, internationally certified petroleum products at competitive prices while supporting Nigeria's energy security and long-term economic growth.