Dangote Refinery has cut its ex-depot price of Premium Motor Spirit (PMS), also known as petrol, by ₦100 to ₦1,075 per litre from the earlier price of ₦1,175 per litre.
The refinery also stated that the price of PMS for coastal supply will now be set at ₦1,050 per litre, which accounts for a minor adjustment due to maritime distribution expenses.
The refinery made this known in its latest petroleum products pricing template released to marketers on Tuesday, March 10, 2026.
It also reduced its gantry price for Automotive Gas Oil (AGO), commonly known as diesel, from ₦1,620 to ₦ 1,430, reflecting a f ₦190 reduction.
This adjustment marks the first downward movement in fuel costs following a week of volatility driven by Middle East geopolitical tensions.
The refinery clarified that these gantry prices do not include the statutory fees from the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), which are typically added at the point of sale to marketers.
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The reduction follows a period where petrol prices climbed rapidly from ₦774 to ₦1,175 in less than two weeks. The refinery management indicated that this current drop reflects a slight easing in global crude cost pressures and a commitment to providing relief to the domestic market where possible.
Global crude oil prices, which had risen above $100 per barrel within the last one week, trended down on Tuesday, March 10. This came after finance ministers of the G7 nations had a meeting and discussed the possibility of releasing oil from their strategic reserves in response to the price rally resulting from the war in the Middle East.
Market Impact of the Fuel Price Reduction
Retail pump prices across Nigeria have been fluctuating between ₦1,100 and ₦1,300 depending on the region and proximity to the refinery. This ex-depot price reduction is expected to provide some immediate breathing room for independent marketers and could lead to a stabilization or slight drop in pump prices over the coming days.
Victor Ezeja is a passionate journalist, scholar and analyst of socioeconomic issues in Nigeria and Africa. He is skilled in energy reporting, business and economy, and holds a master's degree in mass communication.
