Business
Dangote Cuts Petrol Price by N200 – Details Emerge
Dangote Refinery recently promised to reduce the frequency of its petrol price adjustments, especially hikes, to give Nigerians a breather amid the harsh economic reality, as reported by Legit.
However, fresh data has revealed that the Dangote Refinery adjusted the price of Premium Motor Spirit (PMS), popularly known as petrol, at least nine times in early 2026, highlighting the volatility in Nigeria’s downstream oil market.
The refinery, which remains Africa’s largest single-train refinery, reportedly implemented six upward reviews and three downward adjustments within the first quarter of the year, as global crude oil prices, exchange rate pressures, and depot competition continued to shape local fuel pricing.
One of the most significant reductions came in March 2026, when the refinery slashed petrol prices by ₦100 per litre, bringing the ex-depot rate down from ₦1,175 to ₦1,075 per litre. Industry watchers say the cumulative reductions recorded so far in 2026 amount to nearly ₦200 per litre, offering some relief to marketers and eventually consumers facing persistent fuel price pressure.
March price cut became a major turning point
On March 10, 2026, Dangote Refinery announced one of its biggest price cuts of the year after global crude oil prices softened in the international market. The refinery reduced its PMS loading price from ₦1,175 per litre to ₦1,075 per litre, representing a ₦100 drop.
Reports linked the move to declining crude prices and efforts to remain competitive against rising depot prices across Nigeria. The adjustment came after weeks of sharp increases driven by Brent crude trading above $100 per barrel, which had forced many depot owners and independent marketers to review their prices upward.
Market analysts described the March reduction as a strategic move aimed at stabilising retail prices and easing supply pressure across filling stations.
Six increases, three reductions in just months
According to the market tracking platform PetroleumPriceNG, Dangote Refinery’s pricing pattern in 2026 has been highly dynamic.
Within just the first quarter, the refinery reportedly carried out six price hikes and three cuts, reflecting how quickly market realities changed.
Some of the earlier increases were tied to:
- rising international crude oil prices
- foreign exchange instability
- logistics and distribution costs
- strong domestic demand for refined petroleum products.
Meanwhile, the downward adjustments were largely triggered by:
- softer global crude prices
- pressure from competing depots
- efforts to moderate retail pump prices
- market expectations for price stability
A smaller reduction was also reported in February before the more dramatic March cut, while later adjustments were introduced to prevent excessive depot pricing across major supply hubs.
Nigerians are still watching pump prices closely
Although ex-depot reductions do not always translate immediately to lower pump prices at filling stations, consumers across Nigeria continue to monitor Dangote Refinery’s pricing decisions closely because of its growing influence in the fuel supply chain.
With marketers relying heavily on Dangote’s supply volumes, each adjustment at the refinery level often triggers reactions across independent depots, retail stations, and transport costs nationwide.
Experts say if global oil prices remain moderate and exchange rate pressures ease, Nigerians could see more stability in PMS prices in the coming months.
However, any renewed surge in crude oil prices or forex volatility could quickly reverse the gains.
Refinery’s growing influence on fuel pricing
Since ramping up operations, Dangote Refinery has increasingly become a major price setter in Nigeria’s petroleum market.
Its decisions now shape pricing conversations among depot owners, marketers, and regulators alike. For many Nigerians, the refinery represents both hope for long-term price stability and a daily reminder of how global oil market movements directly affect transport fares, food prices, and the overall cost of living.
NCR Nigeria Plc has announced the appointment of Mrs Oluwatoyin Saraki, the wife of former Senate President as a Non-Executive Director, according to a statement signed by the Company Secretary, Bernice Anya.
Saraki’s appointment, subject to ratification by shareholders at the company’s next Annual General Meeting (AGM).
The development, the company noted, will strengthen the company’s board as it builds on its recent financial recovery and growth momentum.
NCR Nigeria stated that the appointment followed a written resolution passed by its Board of Directors on June 11, 2026.
“The Board of Directors of NCR (Nigeria) Plc, by way of a written resolution dated Thursday, 11 June 2026, appointed Her Excellency, Mrs Oluwatoyin Saraki, as a Non-Executive Director on the Board of the Company with effect from 11 June 2026, subject to ratification by the shareholders at the next Annual General Meeting of the Company”, the statement noted.
The company said Saraki brings extensive experience in law, governance, policy advocacy, and strategic leadership gained across the private, public, and multilateral sectors. The Board and Management also expressed confidence in her ability to contribute meaningfully to the company’s long-term growth and governance objectives.
Saraki is widely recognised for her work in global health and development. She serves as the Inaugural and Emeritus Global Goodwill Ambassador for the International Confederation of Midwives.
She is a Special Adviser to the World Health Organisation (WHO) Regional Office for Africa.
Saraki also holds several advocacy roles, including UNFPA Nigeria Family Planning Champion and Global Champion for the White Ribbon Alliance for Safe Motherhood.
Global crude oil prices have plunged to their lowest level in three months, reversing much of the gains recorded during the recent Middle East supply crisis and raising hopes of lower fuel costs in many oil-importing countries.
The price of Premium Motor Spirit (PMS), popularly known as petrol, could fall to around N900 per litre as Brent crude, the international benchmark for oil prices, fell below the $80 per barrel mark on Tuesday, settling around $78.96 per barrel, its lowest level since early March. U.S. West Texas Intermediate (WTI) also dropped sharply to about $76.05 per barrel.
The decline follows growing optimism that oil flows through the strategic Strait of Hormuz will gradually return to normal following diplomatic progress involving Iran and the United States.
The latest price slump represents a significant decline from levels seen in recent months. Brent crude averaged about $117.29 per barrel in April and $107.14 per barrel in May before easing to around $99 in early June. At the height of the Middle East tensions, Brent briefly surged above $119 per barrel amid fears of supply disruptions.
Market watchers recalled that the prolonged crisis in the Middle East forced crude prices above the $100 per barrel mark, with some periods seeing prices rise beyond $120. The increase had a direct impact on fuel costs across several countries, including Nigeria.
During the period, petrol prices in Nigeria surged from about N830 per litre to around N1,300 per litre. Diesel and aviation fuel also recorded major increases, putting pressure on businesses and transport operators.
Market analysts attribute the sharp fall to expectations that Iranian oil exports could resume more freely and that shipping activities through the Strait of Hormuz may normalize in the coming weeks. The prospect of increased global supply has prompted major financial institutions to cut their oil price forecasts.
Beyond geopolitical developments, weaker demand from China, persistent inflation concerns, and slowing global economic growth have also weighed on crude prices. Traders are increasingly betting that global oil supplies will improve while demand growth remains subdued.
For Nigeria, the decline in crude oil prices presents a mixed picture. While lower global oil prices could help reduce the cost of imported refined petroleum products and potentially ease pressure on fuel prices, it may also reduce government revenues, given the country’s heavy dependence on crude oil exports.
Despite the recent crash, analysts warn that volatility remains high and that any fresh disruption in the Middle East could quickly send prices higher again. For now, however, the market appears focused on improving supply prospects, pushing crude prices to their lowest levels since March
Dangote Petroleum Refinery has reduced the gantry price of Premium Motor Spirit (petrol) by N75 per litre
In a circular to fuel marketers on Monday, the refinery said the adjustment followed the de-escalation of the tension in the Middle East, which had impacted energy prices in the past three months.
“Following the de-escalation of tensions in the Middle East, which has impacted energy prices. We wish to inform you that we have reviewed our premium motor spirit gantry/coastal price,” the circular stated.
It added that the new gantry price is now N1,175 per litre, down from N1,250, while the coastal price per metric tonne has been reduced from N1,595,790 to N1,495,215.
The refinery stated that the new rates will take effect at midnight.
“Kindly note that all outstanding unloaded gantry volumes will be repriced at the new rate effective 12:00 AM, June 16, 2026.
“We sincerely appreciate your continued patronage and assure you of our unwavering commitment to reliable product supply and excellent service delivery,” the circular noted.
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