In light of the escalating middle east tensions, the management of the Dangote Petroleum Refinery has announced a significant reduction in the prices of Premium Motor Spirit (PMS) and Automotive Gas Oil (AGO).
This downward adjustment is designed to alleviate the financial strain on citizens and bolster economic stability nationwide.
Under the newly implemented pricing framework, the gantry price of petrol has been cut by ₦100, dropping from ₦1,175 to ₦1,075 per litre. The coastal price saw an even sharper decline of ₦122, moving from ₦1,150 to ₦1,028 per litre, while diesel prices were reduced by ₦190, falling from ₦1,620 to ₦1,430 per litre.
The refinery emphasized that this decision reflects its commitment to a pricing structure that is both sensitive to global market trends and rooted in transparency.
Despite purchasing crude at global benchmarks plus a premium and paying for foreign exchange at market rates without subsidies, the company has successfully aligned its costs with the recent decline in global crude oil prices.
This mark of economic patriotism was evident throughout 2025, during which the refinery lowered gantry prices eight times while only raising them twice, ensuring that cost advantages were consistently passed on to consumers across the 36 states and the Federal Capital Territory.
Addressing the broader energy landscape, the Managing Director of Dangote Petroleum Refinery, David Bird, assured the public that the era of fuel scarcity is gone for good.
He noted that while many import-dependent nations are currently grappling with panic buying and fuel rationing due to geopolitical tensions in the Middle East, Nigeria remains insulated because of its robust domestic refining capacity.
Bird pointed out that although global oil prices recently surged from the mid-$60s to nearly $120 per barrel in a single week triggering massive disruptions in freight and insurance costs, the refinery has maintained an uninterrupted supply to the Nigerian market.
Bird further stressed that a secure, locally refined fuel supply is Nigeria’s greatest advantage in a volatile global market, famously noting that what would be worse than $120 oil is no oil.
He reaffirmed that as long as the refinery continues to receive crude through arrangements with the Federal Government and the Nigerian National Petroleum Company Limited (NNPCL), it will remain fully committed to meeting the nation’s entire refined fuel requirements.