The Dangote Petroleum Refinery has announced a major reduction in the ex-depot price of Premium Motor Spirit, bringing the rate down from N828 to N699 per litre.
This new benchmark price, updated and published on Friday by Petroleumprice.ng, represents a N129 drop, which is approximately a 15.6 per cent reduction.
A senior official of the refinery, speaking anonymously due to restrictions on public comments, confirmed the price adjustment. He stated, “Yes, the new gantry price is now N699 per litre. The change took effect on December 11.”
This latest price cut is the refinery’s 20th petrol price review in 2025 alone, demonstrating the ongoing commitment to stabilizing domestic fuel costs amidst fluctuating global market conditions and persistent cross-border smuggling of petroleum products.
During a closed-door meeting with President Bola Tinubu on December 6, the refinery’s Chairman, Aliko Dangote, reaffirmed his pledge to maintain competitive pricing for the benefit of Nigerian consumers. Dangote confirmed the downward trend, stating, “Prices are going down. They have to go down because we must compete with imported products.”
Addressing the issue of illicit trade, Dangote noted that while smuggling efforts had been reduced, the practice had not been completely eradicated. He added, “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 further stressed the refinery’s long-term vision, confirming that both diesel and petrol would continue to be sold at “very reasonable prices,” and emphasizing that the $20 billion refinery was built as a long-term investment rather than a short-term profit venture.
Following Dangote’s announcement, ripple effects were immediately seen across the private depot market.
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 most substantial adjustments with a N15 reduction in its rate.
Other depots, including A.A. Rano, NIPCO, and Aiteo, also implemented marginal downward revisions to their prices, aligning with Dangote’s new and reduced pricing template.
These significant adjustments come as the refinery continues to gradually increase its output, effectively positioning itself as a major, influential player in shaping and stabilizing Nigeria’s domestic fuel pricing landscape.
