The Dangote Petroleum Refinery has again reduced the ex-depot price of Premium Motor Spirit (PMS), cutting the petrol gantry rate from N828 to N699 per litre.
Real-time market figures from Petroleumprice.ng on Friday revealed that the refinery implemented a fresh downward review of N129 per litre, representing a 15.58% reduction.
An official of the refinery, who confirmed the development to PUNCH Online on condition of anonymity, said:
“The refinery has reduced petrol gantry price to N699 per litre.”
The new pricing took effect on December 11, 2025, marking the 20th petrol price adjustment by the refinery this year.
This latest reduction comes barely five days after the refinery’s Chairman, Aliko Dangote, reaffirmed his commitment to keeping domestic fuel prices “reasonable and competitive” amid global market volatility and ongoing smuggling across Nigeria’s borders.
Following a closed-door meeting with President Bola Tinubu on December 6, Dangote said petrol prices would continue to drop as the refinery ramps up production and competes with imported products.
“Prices are going down. The reason why prices have to go down is that we have to also compete with imports,” he said.
He added that although smuggling has reduced, it remains a challenge due to Nigeria’s pump price being about 55% lower than that of neighbouring countries.
Dangote assured that petroleum products such as diesel and petrol “will continue to be sold at very reasonable prices,” stressing that the refinery is a long-term investment.
“We are not here to make our $20 billion back quickly,” he noted.
Meanwhile, the refinery’s latest adjustment has triggered fresh reactions across the downstream market. Market trackers on Petroleumprice.ng reported price reductions at several private depots.
Sigmund Depot cut its ex-depot rate by N4 to N824 per litre, Bulk Strategic reduced by N3, while TechnoOil recorded one of the most significant drops with a N15 reduction.
Other depots including A.A. Rano, NIPCO and Aiteo also adjusted their prices slightly in response to the new Dangote pricing template.
