Dangote Petroleum Refinery has announced a fresh N50 per litre reduction in the ex-depot price of Premium Motor Spirit (PMS), making it the fourth downward price review within one month and pushing the cumulative reduction on petrol to over N200 per litre.
The refinery disclosed this in a statement on petroleum product pricing, explaining that the latest adjustment reflects the gradual impact of lower-cost crude oil entering its refining process, while assuring Nigerians that more price moderation could follow if market conditions remain favourable.
The company said the latest reduction comes after previous price cuts introduced since May 30, 2026. During the same period, it also reduced the ex-depot price of Automotive Gas Oil (AGO), also known as diesel, by N300 per litre, and Jet A1 aviation fuel by N520 per litre.
The refinery said, “Today’s N50 per litre reduction is the fourth price cut in one month, bringing cumulative reductions to above N200 per litre on PMS.”
Dangote Refinery explained that fuel prices at the refinery are not determined by daily movements in international crude oil prices because crude is purchased weeks, and sometimes months, before it is processed under commercial supply contracts.
It stated that the petroleum products currently leaving its refinery are still being produced from crude oil bought when international prices were significantly higher than prevailing rates.
According to the company, the average landed cost of crude processed stood at about US$124.80 per barrel in May and US$95.25 per barrel in June, compared with the current international benchmark of about US$71.01 per barrel.
The refinery also dismissed claims that it purchases crude at the headline Brent price widely reported in the media.
It said, “Our crude is acquired on a Dated Brent plus market premium, freight and logistics cost basis, resulting in actual landed costs that differ materially from benchmark quotations.”
The company said it deliberately absorbed part of the increase in crude oil costs rather than passing the full burden to consumers.
It stated, “The refinery absorbed a substantial portion of the increase in order to support market stability, reduce inflationary pressures and shield consumers from the extreme volatility witnessed in global energy markets.”
Dangote Refinery maintained that petroleum products sold in Nigeria remain cheaper than those in neighbouring countries after taxes are taken into account.
The company said domestic refining capacity has strengthened the country’s energy security by supplying enough fuel for local demand, reducing reliance on imports, conserving foreign exchange and improving price stability.
Looking ahead, the refinery said Nigerians could expect more relief at the pumps as procurement costs decline and lower-priced crude inventories gradually replace higher-cost supplies.
It added that its goal remains to supply high-quality, internationally compliant petroleum products at competitive prices while supporting Nigeria’s energy security, economic growth and the long-term sustainability of Africa’s largest refinery.