Dangote Refinery Cuts Petrol Price by N27 per Liter

On February 3, 2026, Dangote Petroleum Refinery announced a significant reduction in the price of premium motor spirit (PMS) by N27 per liter, marking the largest single price drop in 2026. The new price is set at N772.50 per liter, down from N799.50 per liter.

This adjustment aims to attract customers and comes after a formal notification to partners regarding the downward revision of PMS lift incentives. The refinery's price cut is expected to influence major supply corridors, particularly around Lagos, as depot owners adjust rates to remain competitive.

Additionally, Dangote is encouraging an increase in weekly volumes to maximize incentives, which include a weekly bonus structure based on the volume lifted. Bayo Ojulari, Group Chief Executive Officer of NNPC Ltd, cited persistent commercial losses and low utilization rates as reasons for the shutdown of the country’s four government-owned refineries during the 9th International Energy Summit in Nigeria.