Dangote Petroleum Refinery & Petrochemicals has reduced its Premium Motor Spirit (PMS) gantry price by N25 per litre, lowering the ex-depot rate from N799 to N774 per litre.
Industry analysts attribute the adjustment to prevailing global energy market dynamics and pricing frameworks under the Petroleum Industry Act (PIA).
The refinery formally communicated the price review to marketers on Tuesday, February 10, stating that the new rate takes immediate effect.
In a notice issued by its Group Commercial Operations Department, the company stated: “This is to notify you of a change in our PMS gantry price from N799 per litre to N774 per litre.”
The $20 billion refinery also announced the conclusion of its PMS lifting incentive scheme.
“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,” the notice read.
Observers say the end of the bonus window, alongside the price reduction, signals a shift from volume-based incentives to a more stable pricing structure as the refinery consolidates its position in the domestic market.
The development comes amid the volatility that characterised PMS pricing throughout 2025, following the full deregulation of the downstream petroleum sector and the removal of fuel subsidies.
During the period, ex-depot prices fluctuated significantly, driven by exchange rate pressures, movements in global crude oil prices, and continued reliance on imported fuel. Prices ranged between N700 and over N800 per litre at different times, while pump prices rose even higher in several parts of the country.
The commencement of large-scale domestic supply by the Dangote Refinery later in the year helped moderate prices, particularly in coastal and southern supply corridors, reducing pressure from import parity pricing.
In early 2026, the refinery had raised its PMS gantry price to N799 per litre after selling at N699 during the festive season.
Market watchers say the latest reduction to N774 per litre may reflect easing cost pressures, improved operational efficiency, and increasing competition from alternative supply channels, including imported cargoes and expected output from modular refineries.
With a refining capacity of 650,000 barrels per day, Dangote Petroleum Refinery is Africa’s largest single-train refinery and remains central to Nigeria’s efforts to cut fuel imports and conserve foreign exchange. Since commencing domestic PMS supply, the refinery has continued to play a pivotal role in shaping downstream pricing dynamics, often serving as a benchmark for ex-depot rates nationwide.
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