Dangote Refinery cuts petrol price to N1,250 per litre.

By Udeme Akpan

The Dangote Petroleum Refinery has lowered the gantry price of Premium Motor Spirit (PMS), commonly known as petrol, to N1,250 per litre, down from N1,275 per litre. The change represents a two‑percent reduction.

Vanguard’s market checks confirmed the adjustment, noting that competition is intensifying in Nigeria’s deregulated downstream petroleum sector amid falling international crude oil prices.

An official from the refinery said the price cut was driven by the sustained decline in global crude oil prices, which is the refinery’s main feedstock.

“It is true that we have adjusted the gantry price of petrol due to the reduction in crude oil prices, which is our major feedstock. In a deregulated market, such adjustments should be expected,” the official said.

He added, “We are still monitoring developments and will continue to adjust prices in line with market realities.”

However, many filling stations across the country have not yet reflected the new price. In some locations, petrol remains sold above N1,350 per litre, depending on the station and marketer.

Meanwhile, the refinery highlighted its role in Nigeria’s improving economic outlook following the country’s sovereign credit rating upgrade by S&P Global Ratings.

According to the company, S&P raised Nigeria’s long‑term foreign and local currency sovereign credit ratings to “B” from “B‑”, citing stronger economic growth, improved external balances, rising oil production and increased domestic refining capacity as key factors supporting the nation’s economic recovery.

The refinery noted that the ratings agency specifically identified the operational ramp‑up of the 650,000 barrels‑per‑day Dangote Petroleum Refinery & Petrochemicals as a significant contributor to Nigeria’s improving balance of payments position and broader economic resilience.

“Significant refining capacity is now also online; Dangote Industries Ltd.’s large‑scale refinery and petrochemical complex has ramped up to near its maximum capacity of 650,000 barrels per day,” the company stated.

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