The Dangote Petroleum Refinery has once again reduced its petrol price, cutting the ex-depot rate from N828 to N699 per litre.
This marks a significant 15.58% drop in the Premium Motor Spirit (PMS) price, according to real-time market data shared on Petroleumprice.ng on Friday.
An official of the refinery, who spoke on the condition of anonymity, confirmed the price cut to PUNCH Online. “The refinery has reduced petrol gantry price to N699 per litre,” the source said.
This adjustment, which took effect on December 11, 2025, is the 20th petrol price reduction announced by the refinery this year.
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The new price reduction follows a recent statement by the refinery’s chairman, Aliko Dangote, who reassured the public of his commitment to ensuring that domestic fuel prices remain “reasonable and competitive,” despite global market fluctuations and the ongoing challenge of fuel smuggling at Nigeria’s borders.
Speaking after a meeting with President Bola Tinubu on December 6, Dangote remarked, “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 further emphasized, “Petroleum products (diesel and petrol) will continue to be sold in the market at a very reasonable price,” explaining that the refinery was not aiming to quickly recover its $20 billion investment. “It’s a long-term investment,” he added.
Following the refinery’s adjustment, several private depots have also reduced their prices. Sigmund Depot lowered its ex-depot price by N4 to N824 per litre, while Bulk Strategic dropped its rate by N3. TechnoOil made one of the sharpest cuts, slashing N15 from its price.
Other depots, including A.A. Rano, NIPCO, and Aiteo, have also made slight adjustments in response to the new pricing from Dangote Refinery.