Title: Dangote Refinery Cuts Petrol Ex-Depot Price by N25 to N774 per Litre Date Published: 11 February 2026 Description: Dangote Petroleum Refinery has reduced the gantry price of Premium Motor Spirit (PMS) by N25 per litre, lowering the ex-depot rate from N799 to N774 per litre.The price adjustment was announced in a notice issued by the Group Commercial Operations Department of Dangote Petroleum Refinery and Petrochemicals FZE to marketers, with immediate effect.According to the notice, the reduction follows the expiration of the refinery’s PMS lifting incentive and is expected to enhance the competitiveness of locally refined petroleum products in the domestic market.“This is to notify you of a change in our PMS gantry price from N799 per litre to N774 per litre,” the refinery stated.The latest reduction represents another shift in the pricing of the essential commodity, which analysts say is largely influenced by movements in the exchange rate, global crude oil prices and other market dynamics.Over the past year, the ex-depot price of petrol fluctuated between about N700 and above N800 per litre, a trend that directly impacted pump prices nationwide.The 650,000-barrel-per-day Dangote Refinery, Africa’s largest, commenced the supply of petrol in 2024. Earlier in January of the same year, the refinery began producing diesel and aviation fuel.For years, Nigeria relied heavily on imported petrol, often swapping crude oil worth billions of dollars for refined products that were subsidised to keep domestic fuel prices low. This arrangement placed significant pressure on the country’s foreign exchange reserves amid declining oil revenues and persistent foreign currency shortages.Since assuming office in May 2023, President Bola Tinubu has implemented sweeping economic reforms, including the removal of fuel subsidies and the floating of the naira, aimed at attracting foreign investment and promoting long-term economic growth.However, the reforms have had short-term impacts, with fuel prices more than doubling and inflation reaching a three-decade high of 34 per cent in June 2024. Attached Images: bf476b129c572e684b9444798dd49fad6af5f9405bce56e043f45e25bea87e6f.jpg Attached Video: None