Economy
JUST IN: Dangote Refinery Announces Historic Petrol Price Drop Ahead of Christmas
The Dangote Petroleum Refinery has reduced its petrol gantry price again, cutting the ex-depot rate of Premium Motor Spirit (PMS) from N828 to N699 per litre.
Real-time figures from Petroleumprice.ng on Friday confirmed the new benchmark price, reflecting a N129 reduction or 15.58% drop in the refinery’s ex-depot rate.
A refinery official, who spoke to PUNCH Online on condition of anonymity, also verified the update, saying:
“The refinery has reduced petrol gantry price to N699 per litre.”
The revised pricing took effect on December 11, 2025, becoming the refinery’s 20th petrol price adjustment this year.
The latest cut follows comments made by refinery Chairman Aliko Dangote, who had reaffirmed his pledge on December 6 to keep domestic fuel prices “reasonable and competitive” despite global market instability and ongoing smuggling challenges.
During a closed-door meeting with President Bola Tinubu, Dangote said fuel prices would continue to fall as the refinery scales up production and directly competes with imported products.
Dangote said:“Prices are going down. The reason why prices have to go down is that we have to also compete with imports.
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.”
He added that both diesel and petrol “will continue to be sold in the market at a very reasonable price.”
“We are not here to make our $20 billion back quickly; it’s a long-term investment,” Dangote said.
Market trackers also reported additional downward adjustments across several private depots following the refinery’s price review.
According to Petroleumprice.ng, Sigmund Depot cut its ex-depot price by N4 to N824 per litre, while Bulk Strategic reduced by N3. TechnoOil implemented one of the sharpest drops with a N15 decrease.
Other depots including A.A. Rano, NIPCO, and Aiteo also recorded slight reductions as the downstream market responded to the new Dangote pricing template.
