The Dangote Petroleum Refinery has announced a reduction in the gantry price of Premium Motor Spirit, PMS, from ₦877 per litre to ₦828 per litre, representing a 5.6 percent decrease.
This latest adjustment comes despite crude oil prices climbing to an average of $64 per barrel on Thursday, up from $62 per barrel the previous day.
Findings by Vanguard show that the price reduction is linked to a newly reinforced crude supply arrangement between the refinery and the Nigerian National Petroleum Company Limited (NNPC Ltd) under the naira-for-crude framework.
Under the deal, NNPC Ltd is expected to supply the 650,000-barrels-per-day refinery with five December-loading crude cargoes, including Amenam, Bonny Light, Forcados and Qua Iboe grades.
Industry sources say the arrangement has improved supply stability and reduced cost pressures on the refinery.
According to Petroleumprice.ng, depot operators in Lagos confirmed that loading at the new price started early Friday.
“The price adjustment is expected to bring some relief to fuel marketers and consumers nationwide, following weeks of elevated pump prices,” the platform stated.
Marketers are now anticipating a corresponding adjustment at retail filling stations in the coming days.
Despite the downward revision, Dangote’s petrol price continues to sit below import parity.
A report by S&P Global Commodity Insights, presented at the Major Energy Marketers Association of Nigeria (MEMAN) conference in Lagos on Thursday, showed that as of October 17, 2025, Dangote’s gantry price of ₦877 per litre was below the average “into-tank” cost of imported fuel into Lagos and the ship-to-ship (STS) value at Lome, Togo.
S&P noted that this pricing advantage persists despite global crude fluctuations triggered by weak demand and sanctions on Russian oil exporters.
The report further revealed a significant decline in Nigeria’s fuel import volumes, now below 200,000 barrels per day, down from about 500,000 bpd in early 2023.
