Dangote Petroleum Refinery may review its Premium Motor Spirit (PMS) gantry price downward as international crude benchmarks and petrol landing costs continue to weaken, with market participants increasingly concerned about the refinery's current pricing against competing depot offers.
A source who disclosed the development to Petroleumprice.ng said the refinery is considering another adjustment as international benchmarks decline. According to the source, the continued fall in crude prices and the resulting pressure on landing costs could trigger a review of the refinery's PMS price, with a change possible today or tomorrow.
The development comes barely 10 days after Dangote Refinery last reduced its petrol gantry price. On September 21, 2026, the refinery cut PMS from ₦1,350 to ₦1,325 per litre, a ₦25 reduction, following a decline in international crude prices. With the benchmarks falling further, there is now a likelihood of another downward adjustment. In early trading today, Brent crude was trading at $97.42 per barrel, down 0.62%, while US West Texas Intermediate (WTI) stood at $89.66 per barrel, down 0.84%.
The latest weakness follows renewed diplomatic efforts between the United States and Iran, which have raised expectations of reduced supply disruption around the Strait of Hormuz. Iran has confirmed receiving a US response to its latest proposal aimed at reviving a collapsed ceasefire, while Qatar continues to mediate between Washington and Tehran. Although no agreement has yet been reached to fully reopen the strategic waterway, the prospect of improved crude flows has reduced some of the geopolitical risk premium in oil prices.
The decline in international benchmarks is already feeding into Nigeria's petrol market. The lower spot PMS landing cost fell from ₦1,384.82 per litre on September 25 to ₦1,278.37 per litre on September 28, representing a drop of ₦106.45 per litre, or 7.69%. The movement strengthens the basis for lower wholesale petrol prices if the softer crude benchmarks and landing costs are sustained.
The pressure is also becoming evident at the depots, where some operators are already selling below Dangote's current ₦1,325 per litre gantry price. In Lagos, A.A Rano and Aipec sold PMS at ₦1,324 per litre, while Parker in Warri also traded at ₦1,324 per litre. In Port Harcourt, Sigmund, TSL and Bulk Strategic were each at ₦1,320 per litre.
The narrowing price gap is significant for Dangote Refinery because marketers can increasingly access PMS below its current ex-gantry benchmark. While the difference is only ₦1 per litre in Lagos, the ₦5 gap recorded in Port Harcourt further demonstrates the downward pressure developing across the wholesale market.
With Brent now below $100 per barrel, landing costs substantially lower and depot prices already trading below ₦1,325 per litre in key markets, market conditions are increasingly supportive of another Dangote PMS price review. The immediate market focus is whether the refinery adjusts its gantry price today or tomorrow and how the size of any reduction will affect wholesale petrol pricing across Nigeria.