DANGOTE REFINERY SLASHES PETROL PRICE TO N699 IN 20TH REVIEW OF 2025
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By Aishat Momoh. O.
The Dangote Petroleum Refinery has announced another significant reduction in the ex-depot price of Premium Motor Spirit (PMS), dropping the gantry rate from N828 to N699 per litre, according to real-time market data from Petroleumprice.ng on Friday.
The N129 price cut represents a 15.58% reduction, marking the refinery’s 20th petrol price adjustment in 2025.
An official of the refinery, who confirmed the development on condition of anonymity, said simply:
“The refinery has reduced petrol gantry price to N699 per litre.”
The new pricing took effect on December 11, 2025.
This latest reduction comes just days after the refinery’s Chairman, Aliko Dangote, reaffirmed his commitment to ensuring that fuel prices remain “reasonable and competitive” despite global market fluctuations and ongoing smuggling challenges at Nigeria’s borders.
Following a closed-door meeting with President Bola Tinubu on December 6, Dangote stated that prices would continue to drop as the refinery increases production and competes with imported products.
He said, “Prices are going down… The reason why prices have to go down is that we have to also compete with imports.
Luckily for us now, smuggling has reduced not totally because the price in Nigeria is about 55 per cent lower than in neighbouring countries.”
Dangote stressed that the refinery’s goal is long-term value, not quick profit recovery.
“We are not here to make our $20 billion back quickly; it’s a long-term investment,” he noted.
Following Dangote Refinery’s latest adjustment, several private depots have also revised their prices downward.
Sigmund Depot cut its ex-depot price by N4 to N824 per litre.
Bulk Strategic implemented a reduction of N3.
TechnoOil recorded one of the sharpest drops with a N15 cut.
Depots such as A.A. Rano, NIPCO and Aiteo also made slight downward adjustments in response to the refinery’s new pricing.
Market analysts say the fresh reductions are expected to ease supply pressures and may trigger more competitive pricing across the downstream sector in the coming weeks.
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