Dangote Refinery has reduced the ex-depot price of Premium Motor Spirit (PMS) to N699 per litre, down from N828, representing a 15.58 per cent reduction effective from Dec. 11.

Checks on PetroleumPriceNG indicate that this is the refinery’s 20th price adjustment in 2025, coming ahead of the Christmas and New Year festivities.

The development follows recent downward reviews by the Nigerian National Petroleum Company Ltd. (NNPCL) and several retail outlets, which currently sell petrol within the range of N915 to N937 per litre in Abuja.

An official of the refinery, who spoke anonymously, confirmed the new price, saying: “The refinery has reduced petrol gantry price to N699 per litre.”

The latest cut comes five days after the refinery’s chairman, Aliko Dangote, reaffirmed his commitment to ensuring fuel prices remain “reasonable and competitive” despite market volatility and rising incidents of cross-border smuggling.

After meeting with President Bola Tinubu on Dec. 6, Dangote said domestic prices must reflect competition with imports, noting that smuggling persists because fuel prices in Nigeria remain about 55 per cent lower than in neighbouring countries.

He stated that the refinery’s focus is long-term industry stability, adding: “We are not here to make our 20 billion dollars back quickly; it is a long-term investment.”

Following the refinery’s price adjustment, several private depots also reviewed their rates.
Sigmund Depot reduced its ex-depot price by N4 to N824, Bulk Strategic dropped by N3, while TechnoOil implemented one of the highest cuts with a N15 reduction.
Other depots, including A.A. Rano, NIPCO and Aiteo, also made slight downward adjustments.

According to the reports stakeholders expect the latest reduction to ease transport costs and provide some relief to consumers during the festive period.