Dangote slashes PMS price to N699, private depots follow with fresh reductions

The Dangote Petroleum Refinery has announced yet another reduction in petrol pricing, lowering its ex-depot rate from N828 to N699 per litre in what marks the refinery’s 20th downward adjustment this year.

Fresh market figures released on Friday by Petroleumprice.ng indicate that the refinery implemented a significant N129 cut in its Premium Motor Spirit (PMS) benchmark — a 15.58 per cent reduction driven by growing output and intensified competition in the downstream market.

A senior refinery official, who confirmed the development on condition of anonymity, said the revised gantry price took effect on December 11, 2025.

> “The refinery has reduced petrol gantry price to N699 per litre,” the official told Journalists.

The latest adjustment comes barely five days after Dangote Group President, Aliko Dangote, reiterated his commitment to ensuring that locally refined fuel remains “reasonable and competitive,” despite fluctuating global oil prices and ongoing smuggling across Nigeria’s borders.

Speaking after a closed-door meeting with President Bola Tinubu on December 6, Dangote explained that the refinery’s expanding production capacity would continue to drive prices downward.

> “Prices are going down because we must also compete with imports. Smuggling has reduced, but not totally. Prices in Nigeria are still about 55 per cent lower than what obtains in neighbouring countries,” he said.

Dangote insisted that the refinery’s strategy is long-term, stressing that profitability would not be pursued at the expense of market stability or national interest.

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

Following the refinery’s latest reduction, market trackers reported immediate ripple effects across private depots.

According to Petroleumprice.ng, Sigmund Depot dropped its ex-depot rate by N4, bringing it to N824 per litre, while Bulk Strategic shaved off N3. TechnoOil implemented one of the steepest downward reviews, reducing its rate by N15 as the market continues to respond to Dangote’s pricing template.