Dangote Petroleum Refinery has delivered another major relief to Nigerian consumers on Thursday July 2, 2026, with a fresh cut in the ex-depot price of Premium Motor Spirit (PMS).
This marks the fourth reduction in just one month, sending a clear signal that the refinery is determined to share benefits with the public.
The latest N50 per litre drop brings the cumulative reduction to N200 per litre since May 30, 2026.
The new gantry price now sits at N1,075 per litre. In the same period, the company also reduced the price of Automotive Gas Oil (AGO) by N300 per litre and Jet A1 aviation fuel by N520 per litre.
Despite processing crude oil purchased at significantly higher rates earlier, the refinery chose to absorb much of the pain.
Average landed costs hit US$124.80 per barrel in May and US$95.25 in June, far above the current international benchmark of about US$71 per barrel.
Officials stressed that actual feedstock expenses include Dated Brent prices plus premiums, freight, and logistics costs that differ sharply from media headlines.
By shielding consumers from the full impact of those expensive cargoes, Dangote kept pump prices in Nigeria lower than in neighbouring countries. The bold move comes as the refinery now supplies enough volumes to meet the entire nation’s demand.
This domestic refining capacity is already delivering stronger energy security, cutting import reliance, and conserving foreign exchange. Consumers and businesses now enjoy greater price stability.
The refinery promised further moderation in prices as cheaper crude cargoes replace older, costly inventories. If global oil prices remain favourable, Nigerians can expect more good news at the pumps in the coming weeks.
Dangote Refinery reiterated its commitment to delivering high-quality, internationally certified products at competitive rates while supporting Nigeria’s broader economic growth.
