Dangote Petroleum Refinery has reduced the gantry price of Premium Motor Spirit (PMS) by N25 per litre, lowering the ex-depot rate from N799 to N774 per litre with immediate effect.
The adjustment was announced in a notice to marketers by the refinery’s Group Commercial Operations Department.
“This is to notify you of a change in our PMS gantry price from N799 per litre to N774 per litre,” the statement read.
The company also informed marketers that its PMS lifting incentive programme has ended, noting that the price review is aimed at improving the competitiveness of locally refined petroleum products.
The latest reduction reflects ongoing fluctuations in the cost of petrol, largely influenced by exchange rate movements and global crude oil prices. In 2025, the ex-depot price of PMS has hovered between N700 and above N800 per litre, impacting pump prices nationwide.
The 650,000 barrels-per-day Dangote Refinery, the largest in Africa, commenced petrol supply in 2024 after earlier beginning production of diesel and aviation fuel in January of that year.
For years, Nigeria relied heavily on fuel imports and subsidy payments to keep domestic petrol prices low, a policy that placed significant pressure on foreign exchange reserves amid declining oil revenues and currency shortages.
Since assuming office in May 2023, President Bola Tinubu has scrapped fuel subsidies and floated the naira as part of broader economic reforms aimed at stabilising the economy and attracting foreign investment. However, the reforms initially triggered a sharp rise in fuel prices and pushed inflation to a three-decade high of 34 percent in June 2024.
