Dangote Refinery cuts petrol price to ₦1,075 per litre and diesel to ₦1,430, citing declining global crude prices.
The Dangote Petroleum Refinery has announced a significant reduction in the prices of Premium Motor Spirit (PMS), commonly known as petrol, and Automotive Gas Oil (diesel), with the new pricing taking immediate effect from March 10, 2026.
Under the revised pricing structure released by the refinery’s management, the gantry price of PMS has been reduced by ₦100 per litre, dropping from ₦1,175 to ₦1,075 per litre. The coastal price has also been adjusted downward by ₦122 per litre, from ₦1,150 to ₦1,028 per litre.
Similarly, the price of diesel has been cut by ₦190 per litre, falling from ₦1,620 to ₦1,430 per litre.
According to the refinery, the move reflects its commitment to ensuring that pricing remains responsive to global oil market trends while maintaining a fair and transparent pricing system.
“This decision is intended to assure Nigerians that the pricing mechanism remains responsive to global market dynamics and indicative of our fair pricing system,” the management said in a statement.
The company explained that as a responsible corporate entity operating under strict governance and ethical standards, it considers it necessary to adjust prices in line with the recent decline in global crude oil prices.
“As responsible corporate citizens operating in a high-governance code and ethical environment, we believe it is imperative to reduce the price of our products as a reflection of the decline in global crude oil prices,” the statement noted.
Providing further clarification on its pricing framework, the refinery stated that crude oil supplied to the facility is priced based on global benchmark rates with an additional premium.
“All our crudes are priced on global benchmark price plus $3 to $6 additional premium. Our forex is paid at the prevailing market rate of the day with no subsidy in both crude and forex,” the company stated.
It added that even crude supplied under the Federal Government’s Naira-for-Crude arrangement follows the same international pricing structure.
“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.”
The refinery also highlighted its pricing record in 2025, noting that reductions far outweighed increases during the period.
“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.”
Reaffirming its commitment to consumers, the company said it will continue to pass on the benefits of improved market conditions to Nigerians across the country.
“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.”
The management added that the refinery remains focused on supporting Nigeria’s energy stability while taking into account the economic realities facing citizens.
“Dangote Refinery is fully committed to strengthening national energy security while remaining mindful of the economic realities faced by Nigerians.”
