Dangote refinery unveils 10-day credit for marketers as petrol price drops

File photo: Dangote Refinery

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The Dangote Petroleum Refinery has implemented a fresh reduction in the gantry price of Premium Motor Spirit (petrol), with the new rate of ₦699 per litre taking effect from December 12, 2025.

This is just as it introduced a 10-day credit facility for marketers.

The price cut, which is open to all customers, was announced in a notice issued by the refinery via its official X handle on Friday night.

PUNCH Online reports that the adjustment represents a ₦129 reduction from the previous ex-depot price of ₦828 per litre.

The December 12 reduction marks the 20th petrol price adjustment announced by the refinery in 2025, underscoring its continued pricing reviews amid evolving market conditions.

As part of additional incentives, the refinery also introduced a 10-day credit facility for marketers, backed by bank guarantees.

“To further support customers, the refinery has introduced a 10-day credit facility, backed by bank guarantees, with a minimum purchase threshold of 500,000 litres,” it said.

PUNCH Online had reported that the refinery 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 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 had said.

Olugbenga is a fine-grained journalist with over nine years of experience. He loves the smell of a good lead and has a penchant for finding out interesting good reports.

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