Dangote Refinery has reduced the ex-depot price of Premium Motor Spirit (PMS) by N25 per litre, bringing the cost down from N799 to N774 per litre.
The reduction, announced in a notice by the Group Commercial Operations Department of Dangote Petroleum Refinery and Petrochemicals FZE, takes effect immediately. The refinery also confirmed that its PMS lifting incentive has ended, a move expected to boost the competitiveness of locally refined products.
The adjustment comes amid fluctuations in global crude oil prices and exchange rate pressures, which have driven petrol costs in Nigeria. In 2025, ex-depot prices of PMS ranged between N700 and over N800 per litre, influencing pump prices nationwide.
Africa’s largest refinery, with a 650,000-barrel-per-day capacity, began supplying petrol in 2024 and also produces diesel and aviation fuel. Built by Nigerian billionaire Aliko Dangote, the facility plays a key role in reducing Nigeria’s reliance on imported refined products—a practice that previously drained foreign exchange due to heavy subsidies.
Since May 2023, President Bola Tinubu has ended long-standing fuel subsidies and floated the naira, reforms designed to attract foreign investment and strengthen the economy. While these policies led to short-term price increases and inflation reaching 34 percent in June 2024, Dangote’s latest reduction offers immediate succour to consumers and motorists.
The refinery said the move reflects its ongoing commitment to supporting Nigeria’s domestic fuel market and easing the burden on households and businesses facing high energy costs.