Lagos, Nigeria (VOICE OF NAIJA)- DANGOTE Petroleum Refinery & Petrochemicals has reduced the ex-depot price of Premium Motor Spirit (PMS), commonly known as petrol, by N50 per litre to N1,075 per litre, marking its fourth price cut in the past month.
The latest adjustment, announced in a statement posted on the refinery’s X account on Thursday, brings the cumulative reduction in its petrol ex-depot price to N200 per litre since May 30, 2026.
The company said the decision reflects its commitment to passing the benefits of improving market conditions to consumers, even as it continues to refine crude oil purchased at relatively higher international prices.
“The latest N50 per litre reduction brings the cumulative decrease in the refinery’s PMS ex-depot price to N200 per litre since May 30, 2026, reducing the gantry price to N1,075.
READ ALSO: Dangote Refinery Reverses Petrol Price To N1,275
“Over the same period, the refinery has reduced the ex-depot price of Automotive Gas Oil (AGO) by N300 per litre and Jet A1 aviation fuel by N520 per litre,” the company said.
Dangote Refinery said the successive reductions underscore its commitment to ensuring Nigerians benefit from favourable market conditions while maintaining the long-term sustainability of its refining operations.
The lower ex-depot price is expected to exert downward pressure on retail pump prices as petroleum marketers adjust their pricing to reflect the reduced cost of supply.
The latest cut comes as competition continues to intensify in Nigeria’s deregulated downstream petroleum sector, where prices are now determined by market forces rather than government controls.
Minister of State for Petroleum Resources (Oil), Heineken Lokpobiri, has repeatedly maintained that competition—not government directives—will drive fuel prices under the deregulation framework.
Similarly, the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) has insisted that petrol prices remain cost-reflective, while warning marketers against profiteering and arbitrary pricing.
The Federal Competition and Consumer Protection Commission (FCCPC) has also urged operators to embrace competitive pricing, stressing that consumers should benefit from lower costs arising from improved supply and increased competition.
With domestic refining capacity expanding, industry observers expect stronger competition among suppliers, creating room for additional price adjustments if global crude oil prices and exchange rate conditions remain favourable.
READ ALSO: Dangote Refinery Cuts West Africa Fuel Imports
Dangote Refinery has pursued an aggressive pricing strategy since the end of May, steadily lowering the prices of petrol, diesel and aviation fuel in a move that has reshaped pricing dynamics in the downstream market.
Despite the recent reductions, the National Bureau of Statistics (NBS) reported that the average retail price of petrol rose by 55.31 per cent year-on-year to N1,596.25 per litre in May, reflecting the lingering impact of deregulation, exchange rate pressures and higher import costs.
Analysts say sustained domestic refining and increased competition could help moderate fuel prices over time, although global crude oil prices, geopolitical tensions in the Middle East and foreign exchange volatility remain key factors influencing future pricing.
