In an update published by The Nation, the Dangote Refinery has announced a significant reduction in the gantry price of Premium Motor Spirit (PMS) to N1,200 per liter. This move is expected to exert downward pressure on pump prices across the country, providing much-needed relief to motorists and small businesses struggling with high energy costs.
Aliko Dangote stated that the price cut was made possible by increased production efficiencies and a commitment to making local refining a viable alternative to costly imports. The refinery, which is currently undergoing further expansion, aims to hit a production capacity of 1.4 million barrels per day to fully satisfy domestic demand and boost exports.
Validation of this price shift was found in BusinessDay, which reported, “The price cut is a game-changer for the downstream sector,” and Daily Post, which quoted energy analysts saying, “This could be the beginning of the end for fuel queues in Nigeria.”
Echotitbits take: N1,200 is a significant psychological and economic threshold. If Dangote can maintain this price despite naira volatility, he effectively becomes the nation’s “price setter,” potentially forcing the NNPCL to rethink its own pricing strategy.
Source: The Punch – https://punchng.com/dangote-refinery-slashes-petrol-gantry-price-to-n1200/, March 29, 2026
Photo credit: The Punch
