breaking news

The Dangote Petroleum Refinery has reduced its ex-depot price of Premium Motor Spirit (PMS) by ₦50 per litre, citing the de-escalation of tensions in the Middle East and the resulting decline in global energy prices.

Dangote Petroleum Refinery has reduced the ex-depot price of Aviation Turbine Kerosene (ATK), commonly known as jet fuel, by another ₦150 per litre representing a 16.1 per cent cut, bringing the product's price down from ₦1,450 to ₦1,300 per litre.

Dangote Petroleum Refinery has rejected claims that petroleum products produced at its facility are being exported to Lomé, Togo, and subsequently re-imported into Nigeria, describing the allegation as unfounded and inconsistent with commercial realities.

A fresh price war has swept through Nigeria's downstream petroleum market after depot owners in Lagos slashed petrol prices by nearly 5% within 24 hours, following Dangote Refinery's decision to reduce its ex-gantry price to ₦1,175 per litre.

Nigeria's downstream petroleum market received a major boost on Monday as Dangote Refinery announced a significant reduction in its Premium Motor Spirit (PMS) ex-gantry price, cutting the rate by ₦75 per litre from ₦1,250 to ₦1,175 per litre.

Nigeria’s aviation fuel market received fresh relief on Saturday as the Dangote Petroleum Refinery reduced its ex-depot Jet A1 price by ₦100 per litre, bringing the loading price down to ₦1,550 from ₦1,650. Petroleumprice.ng confirmed the price adjustment from a source at the refinery, indicating that the new rate has taken immediate effect for marketers and bulk buyers.

Dangote Petroleum Refinery has reduced its petrol gantry price to ₦1,250 per litre from ₦1,275 per litre, in a move that had been widely anticipated by traders across Nigeria’s downstream market. A refinery source confirmed the new pricing to Petroleumprice.ng.

Dangote Refinery has reversed its earlier diesel price reduction, adjusting the ex-depot price from ₦1,600 to ₦1,700 per litre.

Dangote Petroleum Refinery has reduced its gantry price of Automotive Gas Oil (diesel) by ₦200, bringing the new ex-depot price down to ₦1,600 per litre amid the recent decline in global crude oil prices

Depot fuel prices weakened further across parts of Nigeria’s downstream market despite crude oil prices remaining relatively stable around the $110 per barrel range in the international market, with local supply conditions and competitive pricing continuing to influence domestic trading.

Nigeria’s premium crude grades surged above major global benchmarks on Monday, with Brass River and Qua Iboe both trading above $115 per barrel, outperforming Brent and West Texas Intermediate (WTI) in the latest global oil pricing session.

Fresh pressure is building in the global oil market as Brent crude climbed above $110 per barrel again, raising concerns over a possible fuel price increase in Nigeria and other major economies already battling rising energy costs.

The Nigerian downstream petroleum market recorded mixed pricing movements across major depots between Monday, 11th May and Friday, 15th May 2026, as Premium Motor Spirit (PMS) remained relatively stable while Automotive Gas Oil (AGO) witnessed sharp downward corrections across several supply hubs.

Fresh tensions have emerged in Nigeria’s downstream oil sector as the Dangote Petroleum Refinery has filed a new lawsuit challenging the continued issuance of fuel import licences to marketers and the Nigerian National Petroleum Company Limited (NNPCL).

Nigeria again failed to meet its crude oil production quota set by the Organisation of the Petroleum Exporting Countries, OPEC, after recording average daily crude production of 1.49 million barrels per day in April 2026, slightly below the country’s 1.5 million bpd allocation.