Dangote Petroleum Refinery has reduced its ex-depot prices for Premium Motor Spirit (PMS) and Automotive Gas Oil (AGO), marking the first downward adjustment after several sharp increases recorded in recent days.
According to the refinery’s latest pricing template released on March 10, 2026, the gantry price of petrol has been cut by N100 to N1,075 per litre, down from N1,175 per litre previously.
The 650,000 barrels per day capacity refinery also disclosed that PMS supplied through coastal distribution will now sell at N1,050 per litre, reflecting a marginal price differential for marine deliveries.
In addition, the gantry price of AGO, commonly known as diesel, has been reduced to N1,430 per litre, representing a N190 drop from the earlier price of N1,620 per litre.
The company noted that the quoted gantry prices exclude statutory charges imposed by the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA).
The price adjustment came amid a recent decline in global crude oil prices, which has started to ease cost pressures across the international petroleum market and is influencing pricing trends in the downstream sector.
US President Donald Trump reassured markets and claimed the war would end soon, but Iran on Tuesday vowed not to let “a litre” of oil be exported from the Middle East until the United States and Israel stop bombing it.
Brent crude price, which hit a high of $109 per barrel, has now dropped to $90 per barrel, as the largest oil producers in the Middle East Gulf have deepened production cuts and are already lowering output by a combined more than 5 million barrels per day, as the blockade of the Strait of Hormuz has started to affect upstream production.
However, there are worries that, unlike the speed at which petrol stations hiked their cost at the pump, the revised ex-depot prices will not reflect through depot channels and translate into lower retail pump prices nationwide.