By SUMAYYAH ADEFAKA
Dangote Petroleum Refinery has reduced the ex-depot price of Premium Motor Spirit (PMS) by ₦25 per litre, lowering its gantry price from ₦799 to ₦774 per litre, in a move analysts describe as a strategic price adjustment amid changing market conditions in 2026.
The refinery announced the reduction in a notice to marketers on Tuesday, stating that the new price takes immediate effect. The notice, issued by Dangote Petroleum Refinery and Petrochemicals FZE through its Group Commercial Operations Department, confirmed the downward review of its PMS gantry rate.
Checks on petroleumprice.ng on Tuesday showed that the revised price had already been reflected on industry pricing platforms.
Alongside the price cut, the refinery also informed marketers that its PMS lifting incentive had come to an end. According to the notice, the lifting bonus window closed at midnight on February 10, 2026, with credits for eligible volumes loaded between February 2 and February 10 to be posted to marketers’ account statements.
Industry observers say the combination of a price reduction and the discontinuation of volume-based incentives signals a shift toward a more stable pricing framework as the refinery consolidates its position in Nigeria’s downstream petroleum market.
The latest adjustment comes after a turbulent pricing environment in 2025, following the full deregulation of the downstream sector and the removal of petrol subsidies. During the period, PMS ex-depot prices fluctuated widely, influenced by foreign exchange pressures, global crude oil price movements and heavy reliance on imported fuel. Ex-depot prices ranged from about ₦700 to above ₦800 per litre, while pump prices were even higher in several parts of the country.
The commencement of large-scale domestic PMS supply from the Dangote refinery late in 2025 helped ease price pressures, particularly in coastal and southern supply corridors, reducing dependence on import parity pricing.
Earlier in 2026, the refinery had raised its PMS gantry price to ₦799 per litre after selling petrol at ₦699 per litre during the festive season. The latest cut to ₦774 per litre suggests easing cost pressures, improved operational efficiency and growing competition from alternative supply sources, including imported cargoes and anticipated output from modular refineries.
With a processing capacity of 650,000 barrels per day, Dangote Petroleum Refinery remains Africa’s largest single-train refinery and a key pillar of Nigeria’s efforts to cut fuel imports and conserve foreign exchange. Since it began supplying PMS to the domestic market, the refinery has played an increasingly influential role in shaping downstream pricing, often serving as a benchmark for ex-depot rates nationwide.
