In a significant market development, Dangote Petroleum Refinery has announced a reduction in the price of Premium Motor Spirit (PMS), commonly known as petrol, by twenty-five naira per litre. This strategic move lowers the ex-depot rate from N799 to N774 per litre, directly impacting the cost structure for fuel marketers across Nigeria.
Immediate Implementation and Market Impact
The refinery management confirmed this price adjustment through an official statement released on social media platform X, notifying all registered marketers of the change effective Tuesday, February 10. According to the announcement, the new pricing takes immediate effect nationwide, positioning Dangote Refinery as a more competitive source for petroleum products.
This price reduction represents the largest single decrease in petrol costs recorded during 2026, potentially bringing slight relief to consumers at filling stations. The adjustment comes after the refinery had previously increased its gantry price to N799 per litre earlier in the year, following a festive period rate of N699 per litre that had pushed retail prices upward.
Strengthening Local Refining Competitiveness
The refinery's statement emphasized that this strategic pricing move "further strengthens the competitiveness of locally refined products" within the Nigerian market. Currently, the landing price for imported PMS from Lome stands at approximately N793 per litre, creating a notable price advantage for Dangote's domestically refined fuel at N774 per litre.
This development creates a challenging scenario for petrol importers who have been selling at rates lower than Dangote Refinery in recent days. The N25 reduction now establishes Dangote as the cheapest source for petrol procurement, forcing importers to reconsider their pricing strategies to remain competitive.
Current Retail Landscape and Consumer Implications
At present, petrol is sold at N839 per litre at MRS filling stations and other outlets supplied by marketers purchasing from Dangote Refinery. Meanwhile, the Nigerian National Petroleum Company Limited (NNPCL) retail outlets maintain prices of N840 per litre in Lagos and N875 per litre in Abuja.
The price reduction is expected to influence retail pricing decisions, though the extent of consumer benefit will depend on how quickly and completely marketers pass along the savings. Industry observers note that this development could gradually lower pump prices if market competition intensifies sufficiently.
Addressing Market Speculation and Supply Concerns
In related developments, Dangote Refinery has responded strongly to what it describes as a "sophisticated misinformation campaign" orchestrated by "unpatriotic and unscrupulous individuals." The controversy centers on claims, reportedly amplified through S&P Global reports, suggesting that Dangote imports finished petrol into Nigeria—an assertion the company categorically denies.
The refinery stated unequivocally: "This propaganda is being promoted by unpatriotic and unscrupulous individuals who cannot afford to see Nigeria stop imports." This statement reflects the ongoing tensions within Nigeria's petroleum sector as local refining capacity expands.
Furthermore, Dangote Refinery has dismissed claims from some oil marketers suggesting insufficient capacity to satisfy local fuel demand. The Depot and Petroleum Products Marketers Association of Nigeria (DAPPMAN) has maintained that despite the refinery's 650,000 barrels-per-day capacity, it cannot fully cover Nigeria's current petrol consumption levels, leading marketers to continue importing fuel to sustain their businesses.
DAPPMAN's Executive Secretary, Olufemi Adewole, noted that marketers have maintained import activities to ensure business continuity, highlighting the complex dynamics between domestic production and importation in Nigeria's fuel supply chain.
