The Dangote Petroleum Refinery has announced another significant cut in the ex-depot price of petrol, reducing its gantry rate from N828 to N699 per litre.
Updated figures on Petroleumprice.ng as of Friday indicated that the review represents a N129 drop, amounting to a 15.58% reduction in the Premium Motor Spirit benchmark price.
A refinery official, who requested anonymity because he is not authorised to comment publicly, confirmed the development, saying, “The refinery has reduced petrol gantry price to N699 per litre.”
The new rate, which took effect on December 11, 2025, is the 20th petrol price adjustment made by the refinery this year.
The latest reduction comes days after the refinery’s chairman, Aliko Dangote, reaffirmed his pledge to keep domestic fuel prices competitive despite global uncertainties and persistent cross-border smuggling.
Following a closed-door meeting with President Bola Tinubu on December 6, Dangote explained that ramped-up production and direct competition with imported fuel would continue to push prices downward.
“Prices are going down,” he said. “We have to compete with imports, and there is still a lot of smuggling because fuel in Nigeria is about 55% cheaper than in neighbouring countries.”
He added that both diesel and petrol would “continue to be sold at very reasonable prices,” stressing that the refinery is a long-term venture, not one seeking a quick recovery of its $20 billion investment.
Market monitors reported that several private depots have already adjusted their pump prices in response to the refinery’s new template.
Sigmund Depot reduced its ex-depot price by N4, now selling at N824 per litre.
TechnoOil made one of the more aggressive revisions with a N15 decrease.
Other operators, including A.A. Rano, NIPCO, and Aiteo, also posted slight reductions as market dynamics shifted once again.
The latest review is expected to influence retail pump prices nationwide in the coming days, depending on logistics costs and depot purchasing patterns.
Source: Punch Online
