Nigeria’s average daily consumption of Premium Motor Spirit (PMS), also known as petrol, dropped to 56.9 million litres per day in February 2026, down from 60.2 million litres per day in January.
The Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) disclosed this in its factsheet released yesterday.
The agency noted a sharp departure from the nation’s conventional supply pattern, in which local refineries accounted for less than 20 per cent of petrol supply.
The authority highlighted the increasing impact of the Dangote Refinery in the domestic market, stressing that its large-scale refining capacity is gradually influencing supply dynamics.
The agency also indicated that petrol imports dropped significantly during the month, declining by about 25.4 million litres per day due to reduced importation.
Checks by Vanguard showed that the increase in domestic supply has strengthened the nation’s fuel security, with the agency noting that the country maintained about 31 days of petrol sufficiency stock in February 2026.
Reacting in an interview with Vanguard, the Chief Executive Officer of Petroleumprice.ng, Jeremiah Olajide, said: “The addition of Dangote’s inventory in national supply calculations highlights the refinery’s growing role as a strategic buffer for Nigeria’s downstream petroleum sector, particularly at a time when global fuel markets remain volatile.
“The emergence of large-scale domestic refining is gradually reshaping Nigeria’s fuel supply chain, reducing dependence on imports and improving the country’s ability to maintain stable petrol availability.
“For decades, Nigeria relied almost entirely on imported petrol due to the underperformance of state-owned refineries. However, the ramp-up in output from the Dangote Refinery is now changing that structure, with domestic refining increasingly meeting a larger share of national demand.”
However, in a statement, the Dangote Petroleum Refinery announced a major reduction in the prices of petrol, and Automotive Gas Oil (AGO), also known as diesel.
Under the new pricing framework, the gantry price of PMS has been reduced from ₦1,175 to ₦1,075 per litre, representing a ₦100 reduction. The coastal price has also been adjusted downward from ₦1,150 to ₦1,028 per litre, representing a ₦122 decrease.
Diesel prices were similarly reduced from ₦1,620 to ₦1,430 per litre, amounting to a ₦190 reduction.
The refinery stated that the decision reflects its commitment to maintaining a pricing structure that is sensitive to global market trends and aligned with its principles of fairness and transparency.
According to the company, crude processed at the refinery is purchased at the global benchmark price plus a premium of $3 to $6. Foreign exchange payments are made at the prevailing market rate, with no subsidies applied to either crude or foreign exchange.
It added that crude supplied under the Naira-for-Crude arrangement is also priced in line with the global benchmark plus premium and converted to naira using the current exchange rate.
The refinery further disclosed that in 2025 alone it reduced its gantry prices on no fewer than eight occasions, increasing them only twice, a move it described as rooted in economic patriotism and its responsibility to Nigerians.
“We remain committed to ensuring that any cost advantages are passed on to consumers across the 36 states and the Federal Capital Territory,” the statement added.
VANGUARD.
