LAGOS – Dangote Petroleum Refinery has slashed the ex-depot price of Premium Motor Spirit (PMS) by N50 Naira per litre on Thursday. This marks the fourth reduction in one month, bringing the total cumulative cut to N200.
The adjustment follows a significant cooling in global crude markets. Prices have returned to levels last seen before the Iran-Israel war escalated geopolitical tensions earlier this year.
“Today’s N50 per litre reduction is the fourth price cut in one month,” the company stated. The move aims to pass cost efficiencies to consumers while maintaining domestic refinery sustainability.
Refinery officials highlighted that their pricing formula accounts for actual production economics. This includes the cost of crude oil inventories purchased weeks before processing under long-term commercial contracts.
Data shows the refinery processed crude at an average cost of $124.80 per barrel in May. By June, that cost fell to $95.25 per barrel, against a global benchmark of $71.01.
These costs previously kept prices elevated. As lower-cost crude cargoes now enter the production cycle, the refinery is finally able to pass those savings on to the Nigerian market.
This downward trend is mirrored across Africa as global oil prices stabilize. South Africa saw petrol prices drop by up to 2.01 Rand per litre effective July 1, 2026.
Similarly, Namibia announced significant fuel cuts effective July 3, 2026. Petrol 95 decreased by 1.00 Namibian dollar per litre, while all diesel grades were slashed by N$4.00 per litre to provide consumer relief.
As of today July 3, 2026, Brent Crude is trading near $72.13 per barrel, while West Texas Intermediate (WTI) trades at $68.95 per barrel. Prices remain under pressure despite slight daily gains as markets digest ongoing diplomatic efforts in the Middle East.
