By Our Correspondent
The Dangote Petroleum Refinery has once again lowered its petrol ex-depot price, cutting the Premium Motor Spirit (PMS) gantry rate from N828 to N699 per litre.
Updated market figures posted on Petroleumprice.ng on Friday showed that the refinery implemented a significant N129 reduction, a 15.58% decrease in the benchmark price. A refinery official, who spoke anonymously because he was not authorised to speak publicly, confirmed the adjustment, saying, “The refinery has reduced petrol gantry price to N699 per litre.”
The revised price took effect on December 11, 2025, marking the refinery’s 20th petrol price review this year.
This latest cut comes just days after the refinery’s Chairman, Aliko Dangote, reaffirmed his pledge to maintain fuel prices that are “reasonable and competitive,” despite global market instability and ongoing smuggling activities across Nigeria’s borders.
After a meeting with President Bola Tinubu on December 6, Dangote said prices would continue to decline as local production increases and competes more effectively with imported fuel.
“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 smuggling, though reduced, still persists because fuel prices in Nigeria remain about 55% lower than those in neighbouring countries. Dangote also emphasised that the refinery’s goal is long-term stability rather than quick returns on its $20 billion investment.
Following the refinery’s latest price cut, market observers on Petroleumprice.ng reported new downward adjustments across private depots. Sigmund Depot reduced its price by N4 to N824 per litre, Bulk Strategic lowered its rate by N3, and TechnoOil offered one of the largest reductions with a N15 drop.
Other depots, including A.A. Rano, NIPCO, and Aiteo, also made slight downward revisions as the market responded to the updated Dangote pricing template.
