By Dangote Petroleum Refinery has announced a major reduction in the prices of Premium Motor Spirit (PMS), commonly known as petrol, and Automotive Gas Oil (AGO), also known as diesel.
Under the new pricing framework, the price of PMS has been moved from ₦1,175 to ₦1,075 per litre—a reduction of ₦100. The coastal price has also been adjusted downward from ₦1,150 to ₦1,028 per litre, representing a ₦122 decrease. Diesel prices have similarly been reduced from ₦1,620 to ₦1,430 per litre, amounting to a ₦190 cut.
This decision underscores our commitment to maintaining a pricing structure that remains sensitive to global market trends and reflective of our principles of fairness and transparency.
The refinery noted that as a company operating under strict governance standards and strong ethical values, it is important for us to ensure our pricing aligns with the ongoing decline in global crude oil prices.
All crude processed at the refinery is purchased at the global benchmark price, plus a premium of $3 to $6. Foreign exchange payments are made at the prevailing market rate, with no subsidies applied to either crude or forex.\
Additionally, crude supplied through the Naira‑for‑Crude arrangement is priced in line with the global benchmark plus premium and converted to naira using the current exchange rate.
In 2025 alone, we reduced our gantry prices on no fewer than eight occasions, increasing them only twice—an effort rooted in economic patriotism and our responsibility to the Nigerian people.
We remain committed to ensuring that any cost advantages are passed on to consumers across the 36 states and the Federal Capital Territory.
Recently, the Managing Director of Dangote Petroleum Refinery, David Bird, assured Nigerians that the refinery will continue to meet the nation’s fuel demand despite turbulence in the global oil and gas market.
He noted that while fuel‑import‑dependent nations are experiencing panic buying and rationing, Nigeria will not face similar conditions because of the refinery’s unwavering commitment to ensuring nationwide fuel availability.
Bird highlighted that the refinery continues to supply uninterrupted fuel to the domestic market even as geopolitical tensions in the Middle East have triggered sharp increases in crude prices, freight charges, and insurance costs.
He described the recent spike in crude markets as unprecedented, pointing out that oil surged from the mid‑$60 range to nearly $120 per barrel in just one week—disrupting every segment of the global energy supply chain.
Historically, fuel prices in Nigeria have undergone several major shifts:
Pre-May 2023 (Before Subsidy Removal): Fuel sold for approximately N185 to N198 per litre.
May 2023: Immediately following the removal of the fuel subsidy, prices jumped to between N480 and N570 per litre.
July 2023: Prices increased further to N617 per litre.
September 2024: The price was raised to N897 per litre.
October 2024: Prices surpassed the N1,000 mark, reaching N1,030 per litre in Abuja and N998 per litre in Lagos.
Early 2025: Prices fluctuated between N860 and N950 per litre
While acknowledging that the refinery is not insulated from global price fluctuations, freight volatility, or rising insurance premiums, Bird emphasized that Nigeria now enjoys a significant advantage: a secure fuel supply driven by domestic refining capacity.
“What would be worse than $120 oil is no oil,” he noted, stressing that several countries are now rationing fuel due to total dependence on imports.
He added that even nations with strong refining sectors have begun restricting fuel exports to protect their domestic markets amid the ongoing global supply shock.
Bird reaffirmed that as long as the refinery continues to receive crude from the Federal Government and the Nigerian National Petroleum Company Limited (NNPCL), it will remain fully committed to supplying the domestic market.
“With the continued support of the government and uninterrupted access to local crude supply, Dangote Refinery will consistently meet all of Nigeria’s refined fuel requirements,” he assured.
