The Dangote Petroleum Refinery has further reduced the gantry price of its premium motor spirit (petrol) from ₦1,275 to ₦1,250 per litre, bringing relief to Nigerian consumers.
This latest adjustment, which represents a 25 per litre price cut, takes effect Saturday, May 30, 2026, according to a report by Petroleumprice.ng, quoting a refinery source.
The ex-depot price of Automotive Gas Oil (diesel) also dropped from ₦1,800 per litre to ₦1,700, reflecting a reduction of ₦100.
Analysts attributed the price drop to the recent decline in crude oil prices on the international market.
Pinnacle Daily reports that crude oil prices recorded a major collapse on Friday. Brent Crude, a global oil benchmark, has dropped to $91.12 per barrel as of Saturday, May 30, from over $100 previously. WTI is trading at $87.36 per barrel as of the time of filling this report.
READ ALSO:
-
Dangote Refinery Cuts Petrol Price by ₦100 to ₦1,075 Per Litre, Diesel ₦1,430
-
Dangote Refinery Raises Petrol Price to ₦1,275, Diesel ₦1,950 amid Global Oil Price Surge
-
Fight Over Fuel Imports Intensifies Between Dangote, Marketers
-
Petrol Imports Drop as Dangote Refinery Covers 91% Domestic Supply
-
Nigeria Targets Zero Fuel Imports as ₦6 trn Saved in 9 Months
Since crude oil is the refinery’s major feedstock, a drop in global prices typically leads to lower production costs, which are now being passed on to customers.
Market Impact
The reduction comes as depot prices across the country were already responding to shifting market dynamics. Data from petroleumprice.ng showed that other depots like Aiteo and NIPCO were already selling at ₦1,272 per litre, slightly below Dangote’s previous price, which had put pressure on the refinery to adjust its rates.
While many retail outlets are still selling petrol at around ₦1,350 per litre and above in different locations, industry analysts believe that the reduction of ex-depot price by the Dangote Refinery would affect the pricing of the products in the coming days and ease pressure on supply in the downstream.
The refinery had earlier stated that it would continue to monitor market developments and adjust prices in line with market realities.
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. He can be reached via @VICTOREZEJA on X