The Dangote Petroleum Refinery has announced another major reduction in the ex-depot price of Premium Motor Spirit, bringing the rate down from N828 to N699 per litre.
Updated figures published on Friday by Petroleumprice.ng indicated that the new benchmark price represents a N129 drop — about a 15.6 per cent reduction.
A senior official of the refinery, who requested anonymity because he was not permitted to speak publicly, confirmed the adjustment.
“Yes, the new gantry price is now N699 per litre. The change took effect on December 11,” he told PUNCH Online.
This latest cut marks the refinery’s 20th petrol price review in 2025 alone, reflecting ongoing efforts to stabilise domestic fuel costs amid fluctuating global market conditions and persistent cross-border smuggling.
During a closed-door meeting with President Bola Tinubu on December 6, the refinery’s Chairman, Aliko Dangote, reiterated his pledge to maintain competitive pricing.
“Prices are going down. They have to go down because we must compete with imported products,” Dangote said.
“Smuggling has reduced but not completely. The price of petrol in Nigeria is still about 55 per cent lower than in many neighbouring countries.”
He added that both diesel and petrol would continue to be sold at “very reasonable prices,” stressing that the $20 billion refinery was built as a long-term investment, not a short-term profit venture.
Market data also showed ripple effects across private depots. Sigmund Depot reviewed its ex-depot rate downward by N4 to N824 per litre, while Bulk Strategic dropped its price by N3. TechnoOil recorded one of the steepest adjustments with a N15 reduction.
Other depots — including A.A. Rano, NIPCO and Aiteo — made marginal downward revisions following Dangote’s new pricing template.
The adjustments come as the refinery gradually increases output, positioning itself as a key player in shaping Nigeria’s domestic fuel pricing landscape.
