The Dangote Petroleum Refinery has implemented another significant reduction in its petrol ex-depot price, lowering the gantry rate from N828 to N699 per litre.
Real-time data from Petroleumprice.ng on Friday confirmed the latest adjustment, representing a N129 drop — a 15.58 per cent decrease in the benchmark price of Premium Motor Spirit.
A refinery official, who asked not to be named because he was not authorised to speak publicly, also confirmed the development. “The refinery has reduced petrol gantry price to N699 per litre,” he said.
The new rate took effect on December 11, 2025, and marks the 20th petrol price adjustment by the refinery this year.
This latest reduction comes just five days after the refinery’s Chairman, Aliko Dangote, reaffirmed his commitment to keeping domestic pump prices “reasonable and competitive” despite global market fluctuations and ongoing fuel smuggling across Nigeria’s borders.
Speaking after a closed-door meeting with President Bola Tinubu on December 6, Dangote noted that prices would continue to decline as the refinery increases output 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,” he said.
He added that smuggling, though reduced, remains a challenge because fuel prices in Nigeria are still significantly lower than in neighbouring countries.
Dangote stressed that his company remains focused on long-term national value, not quick returns. “We are not here to make our $20 billion back quickly; it’s a long-term investment,” he said.
Following the refinery’s latest price cut, several private depots also reduced their ex-depot rates.
According to Petroleumprice.ng, Sigmund Depot slashed its price by N4 to N824 per litre, Bulk Strategic reduced by N3, and TechnoOil implemented one of the steepest drops with a N15 cut.
Other depots including A.A. Rano, NIPCO, and Aiteo were also reported to have made slight downward adjustments as the market responded to the new pricing template from Dangote Refinery.
