Dangote Petroleum Refinery has reduced its Premium Motor Spirit (PMS) price by N25 per litre, bringing the cost down to N1,325.
The adjustment took effect on Monday, September 21, 2026, after international crude oil prices fell by more than three per cent. The refinery had increased its petrol price from N1,265 to N1,350 per litre on September 12, making the latest reduction a partial reversal of that increase.
The latest adjustment comes as Brent crude traded at about $100.40 per barrel, while West Texas Intermediate (WTI) stood at approximately $92.40 per barrel. Both benchmarks recorded declines during the latest market session.
The movement in crude prices has been linked to renewed expectations of diplomatic engagement between the United States and Iran, which has eased some of the pressure that had pushed international oil prices higher.
The lower Dangote benchmark has also coincided with changes in prices at some coastal petroleum depots.
Data from Petroleumprice.ng showed that several monitored depots in Warri and Port Harcourt were selling petrol at N1,330 per litre, while some Calabar depots quoted N1,327 per litre.
In Lagos, Integrated and Ascon depots were reported to be selling at N1,351 per litre, leaving their prices above Dangote Refinery’s latest benchmark.
The refinery’s latest price adjustment comes as marketers and other players in Nigeria’s downstream petroleum market respond to changes in international crude prices and domestic supply conditions.
The direction of crude prices, competition among refiners and marketers, and movements in wholesale petrol prices are expected to continue influencing pump prices in the coming weeks.
Ademide Adebayo
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