Olushola Omogbehin
Following the latest drop in crude oil price from $110 to $88 per barrel, Dangote Petroleum Refinery has reduced its gantry petrol price from N1,175 to N1,075 per litre.
Dangote refinery said on Tuesday that the decision to reduce fuel price which takes immediate effect from March 10, 2026, was taken to reflect changes in global crude oil prices and prevailing market conditions the reduction.
Earlier, the increase in PMS prices was from N774 per litre to N874 before another upward review to N995 per litre and later N1,175 per litre.
Dangote also lowered the coastal price of PMS from N1,150 to N1,028 per litre, representing a reduction of N122 per litre.
As well, the price of Automotive Gas Oil (AGO), also known as diesel, has been reduced from N1,620 to N1,430 per litre, a decline of N190 per litre.
Dangote Refinery said “the decision is intended to assure Nigerians that the pricing mechanism remains responsive to global market dynamics and indicative of our fair pricing system.”
Speaking further, the refinery said: “All our crudes are priced on global benchmark price plus $3 to $6 additional premium. Our forex is paid at prevailing market rate of the day with no subsidy in both crude and forex. For the avoidance of doubt, the crude supplied under the Naira-for-Crude arrangement is priced according to the global benchmark price plus a premium which is then converted to naira using the prevailing market exchange rate.
“In 2025, we reduced our gantry price not less than eight times, while increasing it only twice. This is borne out of a sense of economic patriotism and a duty to the people of Nigeria. We affirm our commitment to set prices of refined products by passing on the benefits to all Nigerians across the 36 states of the Federation and the Federal Capital Territory.
“Dangote refinery is fully committed to strengthening national energy security while remaining mindful of the economic realities faced by Nigerians.”
