Dangote Refinery has cut the premium motor spirit (PMS) ex-depot price by N175 per litre over the last three weeks, with recent checks indicating the company has made multiple adjustments to its pricing during the period, pushing down the cost of fuel at the pump even as global oil benchmarks moved higher.
Price cuts at Dangote and what they mean for PMS
Checks conducted on Wednesday showed that Dangote Refinery revised its PMS price at least four times. The latest reference point cited was a move to N1,075 per litre from N1,250 per litre on June 16, 2026.
That change implies that, across the period being reviewed, domestic fuel prices fell by 14% since June 16, 2026.
Domestic pump prices fall, despite higher oil benchmarks
The news comes as the retail petrol price in Nigeria sustained its decline over the previous three weeks. Pump prices were reported to be trading in a band of N1,155 to N1,299 per litre.
At the same time, the direction of crude prices contrasted with the domestic trend. Brent and West Texas Intermediate (WTI) rose on Wednesday to a range of $78.19 to $73.70 per barrel on July 8, 2026.
Geopolitical backdrop: Middle East airstrikes after ceasefire ended
The shift in crude markets was linked to developments in the Middle East. Airstrikes in the region reportedly resumed after United States President Donald Trump announced the end of a ceasefire that had lasted nearly five months amid a prolonged crisis in the Gulf area.
- Dangote Refinery lowered PMS ex-depot pricing by N175 per litre over the prior three weeks.
- Wednesday checks indicated at least four pricing changes, with a move to N1,075/litre from N1,250/litre on June 16, 2026.
- Fuel prices in the review period were down by 14% versus the June 16 reference point.
- Domestic petrol pump pricing fell to roughly N1,155–N1,299 per litre over the past three weeks.
- On July 8, 2026, Brent and WTI increased on Wednesday to about $78.19–$73.70 per barrel.
- Airstrikes resumed in the Middle East after the U.S. president declared the ceasefire over, following nearly five months of Gulf crisis.
