Dangote Refinery Slashes Petrol Price to N699 as Nationwide Market Adjusts

By Admin

The Dangote Petroleum Refinery has announced a reduction in the ex-depot price of Premium Motor Spirit (PMS), cutting it from N828 to N699 per litre. The N129 decrease represents a 15.58 per cent price drop.

Real-time figures obtained from Petroleumprice.ng on Friday confirmed that the revised price took effect on December 11, 2025.

The latest reduction comes barely a week after the Chairman of the refinery, Aliko Dangote, reiterated his resolve to sustain competitive fuel prices for the domestic market, despite volatility in the global oil market and persistent cross-border smuggling.

Speaking after a closed-door meeting with President Bola Tinubu on December 6, Dangote stated that fuel prices would continue to decline as production capacity increases and competition with imported fuel intensifies.

“Prices are going down. We have to compete with imports. Smuggling has reduced, though not completely. The price difference between Nigeria and neighbouring countries remains significant,” he said.

Dangote further noted that both diesel and petrol would “continue to be sold at very reasonable prices,” stressing that the $20 billion refinery is a long-term investment and not one designed for quick financial returns.

The refinery’s decision has sparked fresh reactions across the market, prompting several private depots to implement price reductions of their own.

Data from Petroleumprice.ng indicates that Sigmund Depot reduced its price by N4 to N824 per litre, while Bulk Strategic cut its rate by N3. TechnoOil recorded one of the most notable adjustments, slashing its price by N15.

Other depots, including A.A. Rano, NIPCO, and Aiteo, also made slight price adjustments as the market continues to align with Dangote Refinery’s new pricing benchmark.