Dangote Petrol Price Crashes, Largest Single Drop in 2026
- Dangote Refinery has decided to slash its petrol price for marketers amid private depot competition
- The new rate will encourage marketers to lift more fuel, helping the refinery maintain competitive pricing and boost throughput
- The refinery has promised to meet domestic fuel demand and ease fuel costs for consumers
Legit.ng journalist Dave Ibemere has experience in business journalism, with in-depth knowledge of the Nigerian economy, stocks, and general market trends.
Dangote Petroleum Refinery and Petrochemicals has reduced its Premium Motor Spirit (PMS) gantry price by N27 per litre, effective February 2, as depot owners adjust their rates to attract customers.
This follows a revision of its weekly lifting bonus for marketers.
Source: Getty Images
New petrol price
Petroleumprice.ng reports that the refinery’s petrol price fell from N799.50 per litre on February 3 to N772.50 per litre, marking one of the sharpest single price adjustments so far in 2026.
The reduction comes days after the company formally notified partners of the downward revision in its PMS lifting incentive.
Under the updated structure, marketers receive weekly bonuses of N20 per litre for 250,000–1,999,999 litres, N25 per litre for 2,000,000 4,999,999 litres, and N30 per litre for 5,000,000 litres or more.
Dangote encouraged marketers to increase weekly volumes to maximise incentives, with the revised rebate effectively lowering their net cost and supporting the N27 per litre gantry adjustment.
Industry watchers expect the price cut to influence depot and retail pricing across major supply corridors, especially in Lagos and surrounding states.
Dangote gantry loading
Last week, Dangote encouraged marketers to choose direct gantry evacuation of products, which it claims is cheaper compared to coastal loading, which includes port charges, maritime levies and vessel-related costs.
Source: Facebook
Dangote Refinery clarified that marketers are free to choose their preferred mode of evacuation, noting that PMS and other refined products.
The statement said.
“Dangote Refinery operates a world-class gantry facility with 91 loading bays, capable of handling up to 2,900 tankers daily and evacuating over 50 million litres of PMS and 14 million litres of diesel through 24-hour operations.
"Gantry loading is recognised as the most cost-efficient evacuation method, as it eliminates port charges, maritime levies, and vessel-related costs that do not benefit end users.
"Marketers are free to choose between gantry and coastal loading, with the refinery imposing no restrictions on evacuation modes.
"Coastal logistics can add about N75 per litre to petrol costs, potentially pushing PMS pump prices close to N1,000 per litre if the additional cost is passed on to consumers."
NNPC on why it shut down four refineries
Earlier, Legit.ng reported that the Nigerian National Petroleum Company Limited (NNPC Ltd) has provided fresh details on why it shut down the country’s four government-owned refineries.
Speaking on the sidelines of the 9th Nigeria International Energy Summit (NIES 2026), Bayo Ojulari, the Group Chief Executive Officer of NNPC Ltd, cited persistent commercial losses, low utilisation rates and rising operating costs as the reasons for the decisions
Source: Legit.ng
