Dangote Petroleum Refinery has reduced its Premium Motor Spirit (PMS) gantry price by N25 per litre, bringing the ex-depot rate down from N799 to N774 per litre, in what analysts describe as a strategic adjustment in response to evolving market conditions in 2026.
The refinery communicated the revision to marketers on Tuesday, stating that the new rate takes effect immediately.
In a notice from its Group Commercial Operations Department, Dangote Petroleum Refinery and Petrochemicals FZE said,
“This is to notify you of a change in our PMS gantry price from N799 per litre to N774 per litre.”
Checks by The PUNCH on petroleumprice.ng confirmed that the revised rate had been updated across industry pricing platforms.
The refinery also informed marketers that its PMS lifting incentive had officially ended.
“Additionally, please note that the PMS lifting bonus ended at 12:00 a.m. on 10th February 2026. The corresponding credit for volumes loaded from 2nd to 10th February 2026, within the stipulated volume thresholds earlier communicated, will be posted to your account statement. Thank you for your continued partnership,” the notice added.
Industry observers note that the combination of the price cut and the closure of the volume-driven bonus reflects a shift toward a more stable pricing approach as Dangote consolidates its domestic market presence.
The adjustment follows a period of volatility in PMS pricing throughout 2025, triggered by the full deregulation of the downstream sector and the removal of petrol subsidies. Ex-depot prices swung between N700 and over N800 per litre, while pump prices rose sharply in various regions due to exchange rate fluctuations, global crude oil movements, and reliance on imported fuel.
The start of large-scale domestic supply from the Dangote refinery late last year helped moderate costs, particularly along southern and coastal corridors, easing reliance on import parity pricing.
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Earlier in 2026, the refinery had increased the PMS gantry price to N799 per litre after selling to Nigerians at N699 during the festive season. The latest reduction to N774 per litre signals easing cost pressures, improved operational efficiency, and increased competition from alternative sources, including imported cargoes and projected output from modular refineries.
With a capacity of 650,000 barrels per day, Dangote Petroleum Refinery is Africa’s largest single-train refinery and a key driver of Nigeria’s efforts to reduce fuel imports and conserve foreign exchange. Since beginning domestic PMS supply, the refinery has increasingly influenced downstream pricing, often serving as a benchmark for ex-depot rates.