According to The Sun on Friday, July 3, 2026, Dangote Petroleum Refinery has reduced the ex-depot price of Premium Motor Spirit (PMS) by ₦50 per litre to ₦1,075, marking its fourth petrol price cut in one month.
The refinery said the cumulative reduction since the end of May now exceeds ₦200 per litre. It also announced price cuts for other products, with Automotive Gas Oil (diesel) reduced by ₦300 per litre and Jet A1 aviation fuel by ₦520 per litre over the same period.
The company explained that fuel prices do not immediately reflect changes in global crude oil prices because crude is purchased weeks or months before refining. It said the average landed cost of crude processed was about $124.80 per barrel in May and $95.25 per barrel in June, compared with the current Brent benchmark of about $71.01 per barrel.
Dangote Refinery said it absorbed much of the increased production costs instead of passing them on to consumers, adding that its operations have strengthened Nigeria’s energy security, reduced fuel imports and conserved foreign exchange. It said further price reductions could follow if international crude oil prices remain favourable.
