On March 10, 2026, the Dangote refinery announced a reduction in its ex-gantry petrol price to ₦1,075 per litre, down from ₦1,175 per litre. This marks a significant shift in the pricing structure after three consecutive hikes in petrol prices.

Details of the Price Adjustments

In addition to the petrol price reduction, the price of diesel has also been adjusted, now set at ₦1,430 per litre, down from ₦1,620 per litre. The coastal distribution price for petrol is now ₦1,050 per litre, providing some relief to consumers amidst fluctuating oil prices.

Context Behind the Changes

The recent adjustments come in the wake of rising global oil prices, which have been influenced by various geopolitical events. The Dangote refinery’s pricing strategy appears to be a response to these market dynamics, aiming to stabilize fuel availability in Nigeria.

Historical Pricing Trends

Prior to the recent reductions, petrol prices had seen a steady increase, with rates reaching ₦995 per litre on March 7, 2026, and ₦874 per litre on March 2, 2026. The fluctuations highlight the volatility in the fuel market, which has been a concern for consumers and industry stakeholders alike.

Statements from Industry Leaders

According to a statement from the Dangote refinery, “Under the revised pricing structure, the gantry price of PMS has been reduced from ₦1,175 to ₦1,075 (₦100) per litre.” Dr. Billy Gillis-Harry emphasized the importance of the Dangote refinery, stating, “The reality is that if you look at the volatility in the price from what we are seeing today, the Dangote Refinery is the salvation for us due to the consistent source of product, which is much more important at this time than anything.” This sentiment reflects the critical role the refinery plays in ensuring fuel supply stability.

Challenges Ahead

Despite the positive news regarding price reductions, challenges remain. David Bird noted, “We have paused loadings as of midnight, and we’re updating the system to the new gantry price as a result of oil spiking $30 in the last 24 hours.” This indicates that while prices have been reduced, the market remains susceptible to rapid changes.

What Lies Ahead?

As the fuel market continues to evolve, the implications of these price adjustments will be closely monitored. The Dangote refinery’s ability to maintain stable pricing amidst global fluctuations will be crucial for consumers and the broader economy. Details remain unconfirmed regarding future pricing strategies and potential impacts on supply chains.

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