Dangote Petroleum Refinery has again slashed the ex-depot price of Premium Motor Spirit (PMS), reducing its petrol gantry rate from N828 to N699 per litre, in what has become its most significant downward review in recent months.
The new price took effect on December 12, 2025, marking the 20th petrol price adjustment announced by the refinery this year alone.
Real-time market intelligence published on Petroleumprice.ng, on Friday, showed that the refinery implemented a fresh cut of N129 per litre, representing a 15.58 per cent reduction in its PMS benchmark price.
The sustained price moderation comes at a time when Nigerians continue to grapple with high energy costs following full deregulation of the downstream petroleum sector.
A senior official of the refinery, who confirmed the development to The Guardian on condition of anonymity, said: “It is true that the refinery has reduced petrol gantry price to N699 per litre, though there’s no press statement to it.”
The latest reduction comes barely five days after the refinery’s Chairman, Aliko Dangote, reassured Nigerians of the company’s commitment to maintaining competitive domestic fuel prices despite global market volatility and ongoing smuggling activities along Nigeria’s borders.
Dangote, who has repeatedly emphasised the refinery’s capacity to stabilise the petroleum products market, recently reiterated that the firm remains focused on pushing prices even lower as operations expand and efficiency improves. According to him, increased output and head-to-head competition with imported products will continue to exert downward pressure on pump prices.
He stated: “Prices are going down. The reason prices have to go down is that we have to also compete with imports. 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 Guardian, however gathered around social media that the new pricing threshold is expected to reflect across retail stations in the coming days, although adjustments may vary depending on transportation costs, depot margins, and location-specific charges. Yet, early market reactions already suggest that private depots are beginning to align with the refinery’s latest downward review.
Market trackers on Petroleumprice.ng reported fresh reductions across several private depots following the new benchmark released by the refinery.
According to data available on the platform, Sigmund Depot lowered its ex-depot price by N4 to N824 per litre, while Bulk Strategic introduced a marginal decrease of N3. TechnoOil implemented one of the steepest drops, cutting its ex-depot price by N15.
The source told The Guardian that the frequent price adjustments reflect the refinery’s attempt to stabilise the supply chain and create a benchmark that forces market players to demonstrate pricing discipline under a deregulated regime.
The refinery’s repeated price adjustments throughout 2025 have sparked wide public interest, with many Nigerians on social media X seeing the reductions as a potential relief amid persistent inflation and rising transportation costs.
However, some stakeholders argue that frequent fluctuations may complicate long-term planning for marketers, particularly those operating with narrow margins.
Still, the broader market sentiment appears largely positive, with expectations that the latest review could trigger further adjustments in coming weeks, especially if Dangote Refinery increases daily production volumes as projected.
With the new N699 per litre ex-depot price now in effect, Nigerians are eager to see how quickly the benefit trickles down to retail pump prices and whether the reductions mark the beginning of a more sustained period of price stability in the downstream sector.
