The Dangote Petroleum Refinery has again reduced the price of petrol, lowering its ex-depot rate from N828 to N699 per litre, in what has become one of the refinery’s most significant downward reviews this year.
Updated pricing data published on Petroleumprice.ng on Friday confirmed the drop, indicating that the refinery slashed its Premium Motor Spirit (PMS) benchmark by N129 per litre, a 15.58 per cent cut. A refinery official, who asked not to be named because he was not authorised to speak publicly, also confirmed the adjustment, saying: “The refinery has reduced petrol gantry price to N699 per litre.”
The new price took effect on December 11, 2025, marking the 20th petrol price change introduced by the refinery since January.
Dangote: Prices will keep falling
The fresh reduction comes less than a week after the refinery’s chairman, Aliko Dangote, reiterated his commitment to lowering fuel prices as domestic production deepens. Speaking after a closed-door meeting with President Bola Tinubu on December 6, Dangote said the refinery was determined to keep petrol and diesel prices “reasonable” despite global market volatility.
“Prices are going down,” he said. “We have to compete with imports. Smuggling has reduced, though not completely, because our pump price remains about 55 per cent lower than in neighbouring countries.”
He stressed that the refinery was built as a long-term investment and “not to recover $20bn in a hurry.”
Depots begin downward adjustments
Market monitors reported swift reactions from private depots across the country following the new Dangote pricing template. According to Petroleumprice.ng:
Sigmund Depot lowered its price by N4 to N824 per litre
Bulk Strategic dropped its rate by N3
TechnoOil made a sharper cut of N15
Other depots - including A.A. Rano, NIPCO and Aiteo - also reviewed their prices downward in response to the refinery’s latest adjustment.
The reduction is expected to influence retail pump prices in the coming days as marketers align with the new ex-depot benchmark.
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