Fuel prices fell as Dangote cut PMS fees by N100

Under the new pricing framework, the PMS gantry price has been reduced from ₦1,175 to ₦1,075 per liter—a reduction of ₦100. Prices in coastal areas have also been adjusted down from ₦1,150 to ₦1,028 per litre, representing a decrease of ₦122. The price of diesel has also been reduced from ₦1,620 to ₦1,430 per litre, which amounts to a cut of ₦190.

“This decision underscores our commitment to maintaining a pricing structure that remains sensitive to global market trends and reflects the principles of fairness and transparency,” the company said.

The refinery noted that as a company operating under strict governance standards and strong ethical values, it is important to ensure prices are aligned with the ongoing decline in global crude oil prices. “All crude oil processed at the refinery is purchased at global reference prices, plus a premium of $3 to $6. Foreign exchange payments are made at prevailing market prices, with no subsidies applied to either crude oil or foreign exchange.

In addition, crude oil supplied through the Naira‑for‑Crude arrangement is priced according to the global benchmark plus a premium and converted to naira using the current exchange rate.

“In 2025 alone, we are reducing gantry prices no less than eight times, and increasing them just twice—an effort rooted in economic patriotism and our responsibility to the Nigerian people.”

Recently, Managing Director of Dangote Petroleum Refinery, David Bird, assured Nigerians that the refinery would continue to meet national fuel demand despite the turmoil in the global oil and gas market. He noted that while countries dependent on fuel imports experienced panic buying and rationing, Nigeria would not face similar conditions due to the refinery’s steadfast commitment to ensuring national fuel availability.

Bird highlighted that the refinery continues to supply uninterrupted fuel to the domestic market even as geopolitical tensions in the Middle East have triggered sharp increases in crude oil prices, freight costs and insurance costs. He described the recent surge in crude oil markets as unprecedented, and pointed out that oil prices jumped from the mid-$60 range to nearly $120 a barrel in just one week—disrupting every segment of the global energy supply chain.

While admitting that the refinery is not protected from global price fluctuations, freight volatility or rising insurance premiums, Bird emphasized that Nigeria now enjoys a significant advantage: a secure fuel supply driven by domestic refining capacity.