Business
Again, Dangote Announces Fresh Petrol Price Nationwide
The Dangote Petroleum Refinery has announced a decrease in the ex-depot price of Premium Motor Spirit (PMS), widely known as petrol, from N1,275 to N1,250 per litre.
This adjustment, reflecting a reduction of N25 per litre, comes in the wake of a continued decline in international crude oil prices.
This price cut is anticipated to alleviate some financial pressure on marketers and may influence retail pump prices nationwide if the savings are transferred to consumers.
According to sources familiar with the situation, the refinery has updated its pricing strategy in response to evolving market dynamics.
This reduction is indicative of the lower cost of crude oil, which is the primary input for petrol refining. A spokesperson from the refinery noted that this price adjustment aligns with the principles of a deregulated petroleum market, where product prices are expected to fluctuate based on changes in global oil prices.
“It is true that we have adjusted the gantry price of petrol due to the reduction in crude oil prices, which is our major feedstock. In a deregulated market, such adjustments should be expected,” the official said.
He added: “We are still monitoring developments and will continue to adjust prices in line with market realities.”
Despite the reduction at the refinery gate, checks indicate that retail prices have remained largely unchanged in many parts of the country. Several filling stations are still dispensing petrol at prices above N1,350 per litre, with rates varying depending on location, transportation costs and individual marketers.
Industry observers say the gap between ex-depot and retail prices may persist for some time as marketers work through existing stock purchased at higher rates before implementing any fresh pricing changes.
The latest cut comes as competition continues to grow within Nigeria’s downstream petroleum sector following the removal of fuel subsidies and the full deregulation of the market. Operators have increasingly adjusted prices in response to shifts in crude oil costs, foreign exchange movements and supply conditions.Nigerian business directory
Meanwhile, the refinery has continued to position itself as a major contributor to Nigeria’s economic recovery and energy security efforts.
The company recently highlighted its role in strengthening the country’s economic outlook following an upgrade of Nigeria’s sovereign credit rating by S&P Global Ratings.
According to the refinery, the rating agency cited stronger economic performance, improved external balances, rising oil production and increased domestic refining capacity among the factors supporting the country’s recovery.
The refinery noted that its operations have significantly reduced Nigeria’s dependence on imported petroleum products while improving foreign exchange conservation.
It also pointed to the gradual ramp-up of its 650,000 barrels-per-day refining complex, which is now operating close to full capacity.
The company said the facility has become a key part of Nigeria’s industrial and economic landscape, helping to boost domestic supply of refined products and improve the country’s balance of payments position.
Fresh petrol depot prices have emerged across Nigeria as marketers adjust to rising crude oil prices and renewed tensions in the Middle East.
The latest pricing changes come amid growing uncertainty in the global energy market following fresh military exchanges between the United States and Iran near the Strait of Hormuz, one of the world’s most important oil transit routes.
ndustry data tracked by PetroleumPriceNG and monitored by Legit.ng show that depot owners raised their Premium Motor Spirit (PMS) prices as a protective measure against potential losses linked to volatile international oil prices.
Global crude oil prices climbed during early trading on Wednesday, June 10, 2026, after the United States launched strikes on Iranian military infrastructure near the Strait of Hormuz.
As of 5:08 a.m. WAT, Brent crude rose by 1.03% to $92.39 per barrel, while the U.S. West Texas Intermediate (WTI) crude gained 0.91% to trade at $89.00 per barrel, according to a report by Oilprice.com
The market rally followed reports that American forces targeted Iranian air defence systems, radar installations and surveillance facilities after Washington accused Tehran of bringing down a U.S. Army Apache helicopter operating within the region.
The U.S. Central Command described the strikes as a defensive response. However, Iran denied responsibility for the helicopter incident and accused the United States of escalating tensions unnecessarily. The development has raised fears of a broader regional conflict that could disrupt global crude oil supplies.
Checks across fuel depots nationwide show that marketers have adjusted their petrol prices upward in response to the changing global market conditions.
According to the latest data: AIPEC now sells petrol at N1,247 per litre RainOil Lagos sells at N1,248 per litre Integrated depot price stands at N1,247 per litre Liquid Bulk has also fixed its price at N1,248 per litre Industry experts say the latest adjustments are largely precautionary as marketers attempt to shield themselves from potential losses should crude oil prices continue to rise.
The cost of importing petrol into Nigeria has dropped sharply following the recent decline in global crude oil prices, creating fresh competition for local refiners, including the $20 billion Dangote Refinery.
New data released by the Major Energy Marketers Association of Nigeria (MEMAN) shows that the landing cost of imported Premium Motor Spirit (PMS), also known as petrol, has fallen to N1,117 per litre.
The figure is now significantly lower than Dangote Refinery’s gantry price of N1,250 per litre, leaving a difference of N133 per litre.
The development comes days after the mega refinery reduced its ex-depot petrol price from N1,275 to N1,250 per litre in response to changing market conditions.
The latest MEMAN pricing template suggests that fuel importers may now enjoy a competitive edge over domestic refiners as international crude prices continue to soften. Aside from petrol, the landing costs of other petroleum products also recorded notable declines.
According to the data, diesel landing cost dropped to N1,470 per litre, compared to Dangote Refinery’s price of N1,700 per litre. Aviation Turbine Kerosene (ATK), commonly known as aviation fuel, also fell to N1,426 per litre, while Dangote’s price remains N1,650 per litre.
MEMAN estimated the exchange rate for fuel imports at N1,366.85 per dollar, reflecting the prevailing official foreign exchange rate at the time of the calculation.
Some filling stations along the Lagos-Ibadan Expressway and in other locations across Lagos and Ogun states have reduced petrol prices below N1,300 per litre.
This follows a price cut announced by the Dangote Petroleum Refinery on Sunday.
The refinery adjusted its ex-depot gantry price of petrol down to N1,250 per litre from N1,275 per litre, while also slashing the price of diesel to N1,700 per litre from N1,800 per litre.
According to Dangote officials, the price review reflects a recent decline in global oil prices and reinforces the company’s commitment to making refined products more affordable while providing cost relief to Nigerian consumers and businesses.
Following the announcement, observations across the Mowe/Ibafo axis of the Lagos-Ibadan Expressway in Ogun State showed that several independent marketers immediately adjusted their pumps. For instance, MRS filling stations reduced their petrol pump price to N1,286 per litre, NIPCO and Heyden retailed the product at N1,290 per litre, and SGR adjusted its price to N1,297 per litre.
Reductions were also recorded in the diesel market, with many filling stations dropping their prices to N1,800 per litre from the previous N1,900 per litre.
Despite these downward adjustments, many retail outlets still sell petrol above the N1,300 mark. Outlets operated by the Nigerian National Petroleum Company Limited (NNPC) in Ibafo adjusted their pumps to N1,305 per litre, while Mobil and Asharami sold the product at N1,310 and N1,320 per litre, respectively.
The overall price drop comes after a prolonged period of high fuel costs in Nigeria, which saw petrol skyrocket from N830 per litre to over N1,300 after global crude oil climbed past $115 per barrel due to tensions between the United States and Iran.
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