Dangote Refinery Cuts Petrol Price To ₦1,075, Diesel To ₦1,430 Amid Falling 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 rates 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 was also adjusted downward by ₦122 per litre, from ₦1,150 to ₦1,028 per litre.

Similarly, the price of diesel was cut by ₦190 per litre, falling from ₦1,620 to ₦1,430 per litre.
According to the company, the decision reflects its commitment to maintaining a pricing system that is responsive to global oil market trends while ensuring fairness and transparency.

“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 refinery said.

The company explained that the adjustment was necessary due to 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.”

Providing further insight into its pricing framework, the refinery stated that crude oil supplied to the facility is benchmarked against international prices, with an added 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.”

It added that crude supplied under the Federal Government’s Naira-for-Crude arrangement follows the same 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.”

Highlighting its pricing track record, the refinery noted that in 2025, it reduced prices at least eight times while increasing them only twice.

“This is borne out of a sense of economic patriotism and a duty to the people of Nigeria.”

Reaffirming its position, the company said it will continue to pass the benefits of improved market conditions to Nigerians across all states and the Federal Capital Territory.

“We affirm our commitment to set prices of refined products by passing on the benefits to all Nigerians…”

The refinery added that it remains focused on strengthening national energy security while being mindful of the economic realities facing citizens.

TNAM

Edited By Egwu Patience Nnennaya.