Lagos, Nigeria – The Dangote Petroleum Refinery has once again announced a reduction in the price of Premium Motor Spirit (PMS), commonly known as petrol, marking the fourth price adjustment in recent weeks.
In a statement issued on Thursday, June 25, 2026, the refinery confirmed a new ex-depot price of N895 per litre, down from the previous price of N930 per litre. This represents a reduction of N35 per litre.
The price adjustment is expected to have a ripple effect on the downstream petroleum sector, potentially leading to lower pump prices across the country, depending on the pricing strategies of independent and major oil marketers.
Reason for Price Reduction
According to the refinery, the price cut is a direct response to improving global crude oil market conditions and a strategic move to pass on savings to Nigerian consumers. The management of the refinery reiterated its commitment to providing high-quality petroleum products at competitive prices while ensuring energy security for the nation.
"We are pleased to announce another reduction in the price of our petrol. This is in line with our objective of making fuel more affordable for Nigerians. We will continue to monitor market trends and adjust prices accordingly to benefit the economy and the people," a spokesperson for the refinery stated.
Impact on the Nigerian Market
Industry analysts have noted that the consistent price reductions by the Dangote Refinery are likely to intensify competition in the downstream sector, compelling other suppliers to review their pricing models. Since commencing operations, the refinery has played a pivotal role in reshaping Nigeria's fuel supply chain, reducing reliance on imported petroleum products.
The latest reduction is also expected to ease transportation costs and, by extension, reduce the prices of goods and services across the country, offering some relief to consumers grappling with the high cost of living.
Reactions from Marketers
The Independent Petroleum Marketers Association of Nigeria (IPMAN) and the Major Oil Marketers Association of Nigeria (MOMAN) have welcomed the price reduction, describing it as a positive development for the industry. However, they have called for a corresponding reduction in other associated costs to ensure that the benefits of the lower ex-depot price are fully passed on to the end consumer.
Government's Position
The Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) has also commended the refinery's decision, describing it as a demonstration of the benefits of local refining. The Authority reaffirmed its commitment to ensuring a transparent and competitive market that protects the interests of both consumers and operators.
Consumer Expectations
Many Nigerians have expressed optimism that the price reduction will translate to lower pump prices at filling stations across the country. However, some have voiced concerns about the possibility of marketers not fully reflecting the reduction in their retail prices.
As at the time of filing this report, several filling stations in Lagos and other major cities had not yet adjusted their pump prices, but it is expected that the new ex-depot price will take effect in the coming days.
A Growing Trend
This is not the first time the Dangote Refinery has reduced its fuel price. In recent months, the refinery has consistently reviewed its prices downward, aligning with global oil price trends and its own operational efficiencies. The facility, which is the largest single-train refinery in the world, continues to ramp up production capacity, targeting full utilization in the near future.
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