The Dangote Petroleum Refinery and several major depot operators have reduced the average gantry price of Premium Motor Spirit to N840 per litre, a slight drop from the previous N843 per litre.
The downward review comes on the heels of a fall in global crude oil prices, as Brent crude, the benchmark used for many international blends, slipped to an average of $62 per barrel over the weekend.
According to Vanguard, the cheaper crude reduced overall refining expenses, leading downstream operators to adjust their loading prices accordingly.
Market figures show that the 650,000 barrels-per-day Dangote Refinery, along with AIPEC and NIPCO, all pegged their depot prices at N840 per litre.
Other depots made marginally different adjustments, with Rainoil selling at N844, Sigmund at N858, Master Energy at N858, and Northwest at N850 per litre.
In a related development, eight OPEC+ members, Saudi Arabia, Russia, Iraq, UAE, Kuwait, Kazakhstan, Algeria and Oman, convened virtually on 30 November 2025 to assess current market realities and projections heading into early 2026.
In their joint statement, the coalition reaffirmed its 2 November 2025 resolution to halt production increases in January, February and March 2026 due to seasonal considerations.
They further highlighted that the 1.65 million barrels per day previously withheld could be reinstated “in part or in full” depending on how the market evolves, stressing the need for “a cautious approach” and the option to either pause or reverse voluntary cuts, including the additional 2.2 million barrels per day agreed in November 2023.
The participating countries also reiterated their commitment to full compliance with the Declaration of Cooperation and confirmed plans to offset any overproduction since January 2024.
The group will continue to hold monthly meetings to evaluate market performance, compliance and compensation efforts, with the next session slated for 4 January 2026.
