Just in: Dangote refinery cuts petrol price to ₦699 per litre

The Dangote Petroleum Refinery has implemented another reduction in the ex-depot price of Premium Motor Spirit (PMS), lowering the gantry rate from N828 to N699 per litre.

Market data released today by Petroleumprice.ng showed that the latest adjustment represents a N129 drop about 15.58 per cent. The new price became effective on December 11, marking the refinery’s 20th price review in 2025.

A reliable industry source confirmed the development to Tribune Online, describing the reduction as a gesture aimed at easing the burden on Nigerians and appreciating the public’s support during the festive season.

The fresh cut comes less than a week after the refinery’s chairman, Aliko Dangote, restated his commitment to keeping pump prices “reasonable and competitive” despite global market volatility and persistent smuggling across Nigeria’s borders.

Speaking after a closed-door meeting with President Bola Tinubu on December 6, Dangote said fuel prices would continue to decline as the refinery scales up production and competes more strongly with imports.

“Prices are going down. The reason why prices have to go down is that we have to also compete with imports,” he said.

According to him, smuggling remains an issue, even though it has reduced. Dangote noted that the price of petrol in Nigeria is still about 55 per cent lower than in neighbouring countries.

He assured that petroleum products including diesel and petrol would continue to be sold at “very reasonable” rates.

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