The Dangote Petroleum Refinery has once again lowered its ex-depot petrol price, reducing the rate from N828 to N699 per litre.
Market data from Petroleumprice.ng on Friday confirmed the significant downward adjustment, which represents a N129 or 15.58% cut in the benchmark price for Premium Motor Spirit (PMS).
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An official at the refinery, who requested anonymity as they were not authorized to speak publicly, also verified the new pricing. “The refinery has reduced the petrol gantry price to N699 per litre,” the source stated.
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Effective December 11, 2025, this marks the 20th price adjustment by the refinery this year. The move follows a recent commitment from the refinery’s chairman, Aliko Dangote, to maintain “reasonable and competitive” domestic fuel prices despite global market volatility and smuggling challenges.
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After a private meeting with President Bola Tinubu on December 6, Dangote assured the public that prices would continue to decrease as the refinery increases production and competes with imported fuel.
“Prices are going down. The reason why prices have to go down is that we have to also compete with imports,” Dangote explained. “But luckily for us now, the smuggling has reduced, not totally. There is still quite a lot of smuggling because the price we have in Nigeria is about 55 per cent lower than the price of our neighbouring countries.”
The billionaire industrialist emphasized that petroleum products would be sold at a fair market price, highlighting the company’s long-term vision. “We are not here to make our $20 billion back quickly; it’s a long-term investment,” he added.
Following Dangote’s announcement, market trackers at Petroleumprice.ng noted that several private depots have also begun to reduce their prices.
Sigmund Depot lowered its ex-depot price by N4 to N824 per litre, while Bulk Strategic implemented a N3 reduction. TechnoOil made one of the more significant cuts, dropping its price by N15. Other depots, including A.A. Rano, NIPCO, and Aiteo, have also made slight adjustments in response to the new pricing from the Dangote refinery.
