The Dangote Petroleum Refinery has announced a reduction in its petrol gantry price by N100, reducing the ex-depot rate from N1,175 to N1,075 per litre.
The company, in a statement by its management on Tuesday, said the price adjustment takes effect from 10 March.
“Under the revised pricing structure, the gantry price of Premium Motor Spirit (PMS) has been reduced from N1,175 to N1,075 (N100) per litre, while the coastal price has been lowered from N1,150 to N1,028 (N122) per litre.
“The price of diesel has also been reduced from N1,620 to 1,430 (190) per litre,” the statement said.
The refinery had on Monday increased its gantry price of petrol from N995 to N1,175 per litre, marking the third upward adjustment within a week.
Following the increase, major filling stations in the Federal Capital Territory,
Abuja quickly revised its pump prices.
A survey of filling stations in the city conducted by this newspaper on Monday evening showed that most outlets were selling petrol at N1,300 per litre, a significant jump from the prices recorded on Saturday and Sunday.
On Tuesday, the Dangote Refinery said the decision to reduce the petrol price is intended to assure Nigerians that the pricing mechanism remains responsive to global market dynamics and indicative of our fair pricing system.
“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.
“All our crude is priced on a 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 said.
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The refinery explained that 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.
“In 2025, we reduced our gantry price by at least eight times, while increasing it only twice.
“This is borne out of a sense of economic patriotism and a duty to the people of Nigeria. We affirm our commitment to set prices of refined products by passing on the benefits to all Nigerians across the 36 states of the Federation and the Federal Capital Territory,” it added.
Dangote refinery said it is fully committed to strengthening national energy security while remaining mindful of the economic realities faced by Nigerians.
