Dangote Petroleum Refinery has cut the ex-depot price of petrol, known as Premium Motor Spirit (PMS), to ₦1,075 per litre.
That’s down from ₦1,125 per litre, and the change took effect immediately after a statement issued on Thursday, July 2, 2026.
The refinery also matched its coastal loading price to ₦1,075 per litre, closing the gap between the two supply routes.
Alongside the price cut, Dangote suspended the marketing consortium that had controlled gantry loading at the Lekki facility.
That consortium included NIPCO Plc/11 Plc, MRS, TotalEnergies, Conoil, AA Rano, AYM Shafa, Rainoil/Eterna, Ardova Plc and NNPC Retail.
With the consortium gone, any qualified marketer can now load fuel directly from the refinery’s gantry.
Industry sources say the goal is simple: make Dangote’s petrol cheaper than imported fuel while widening supplier access nationwide.
Fourth Cut In A Single Month
This is not a one-off move, and the numbers show a clear pattern.
Dangote has now reduced petrol prices four times since May 30, 2026, for a cumulative drop of over ₦200 per litre.
“Today’s N50 per litre reduction is the fourth price cut in one month, bringing cumulative reductions to above N200 per litre on PMS,” the refinery said in its statement.
Diesel, known as Automotive Gas Oil, has fallen by ₦300 per litre over the same stretch.
Jet A1 aviation fuel dropped even further, down ₦520 per litre since late May.
A senior refinery official, who was not authorised to speak publicly, confirmed the pricing took effect immediately once announced.
Why Falling Crude Costs Are Behind This
Dangote says the cuts trace back to what it paid for crude oil weeks and months ago, before refining.
The refinery bought crude at roughly $124.80 a barrel in May and $95.25 in June, well above today’s benchmark of about $71 a barrel.
As those older, pricier barrels work through the refining cycle and cheaper crude takes their place, the company says it is passing the savings on.
The reduction also lines up with repeated calls from the Federal Government and the Nigerian Midstream and Downstream Petroleum Regulatory Authority for domestic fuel prices to track global market conditions under deregulation.
Stakeholders expect fuel importers and private depot owners to feel the squeeze first, since they now compete against a cheaper, more accessible source.
Many are likely to lower their own depot prices to stay in the game, and that pressure could finally reach pump prices at the filling station.
Whether that discount lands in your tank, or gets absorbed somewhere between the depot and the pump, is still an open question.
