JUST IN: Dangote refinery slashes petrol price to N699 per litre

File photo: Fuel pump

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The Dangote Petroleum Refinery has again reduced its petrol gantry price, slashing the ex-depot rate from N828 to N699 per litre.

Real-time market data published on Petroleumprice.ng on Friday showed that the refinery implemented another major downward review, cutting the Premium Motor Spirit benchmark price by N129 per litre — a 15.58 per cent reduction.

An official of the refinery, who spoke to PUNCH Online on condition of anonymity because he was not authorised to comment publicly, also confirmed the adjustment.

He said, “The refinery has reduced petrol gantry price to N699 per litre.”

The new price took effect on December 11, 2025, marking the 20th petrol price adjustment announced by the refinery this year.

The latest reduction comes barely five days after the refinery’s Chairman, Aliko Dangote, restated his commitment to keeping domestic fuel prices “reasonable and competitive” despite global volatility and persistent smuggling along Nigeria’s borders.

Speaking after a closed-door meeting with President Bola Tinubu on December 6, Dangote said prices would continue to fall as the refinery ramps up output and competes directly with imported products.

Dangote said, “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.”

The billionaire said petroleum products (diesel and petrol) “will continue to be sold in the market at a very reasonable price”.

“We are not here to make our $20 billion back quickly; it’s a long-term investment,” Dangote said.

Market trackers on Petroleumprice.ng also reported fresh reductions across several private depots following the refinery’s latest review.

According to the platform, Sigmund Depot reduced its ex-depot price by N4 to N824 per litre, while Bulk Strategic also posted a marginal drop of N3. TechnoOil implemented one of the sharpest decreases with a N15 cut.

Other depots, including A.A. Rano, NIPCO and Aiteo were also captured adjusting their rates slightly as the market reacted to the new Dangote pricing template.

A business, investment, infrastructure and property correspondent currently with The PUNCH, Aina is a media professional with over three years experience

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