Dangote crashes petrol price to N699 as refinery triggers fresh market-wide cuts

The Dangote Petroleum Refinery has slashed the ex-depot price of petrol to N699 per litre, marking one of its steepest reductions yet and triggering immediate price adjustments across private depots.

Real-time figures from Petroleumprice.ng on Friday showed that the refinery cut its Premium Motor Spirit (PMS) gantry rate from N828 to N699 – a N129 drop, representing a 15.58 per cent reduction.

It was gathered that the new price took effect from December 11, 2025, and is the 20th petrol price review announced by the facility this year alone.

Why the price is falling

The latest reduction comes just five days after Dangote Group Chairman, Aliko Dangote, reaffirmed his commitment to keeping local fuel prices “reasonable and competitive” despite global fluctuations and lingering smuggling across Nigeria’s borders.

After a closed-door meeting with President Bola Tinubu on December 6, Dangote said the refinery was deliberately working to drag prices down as its output stabilises and competition with imports intensifies.

“Prices are going down… we have to compete with imports,” he said, noting that smuggling, though reduced, remains a challenge because Nigerian pump prices are “about 55 per cent lower” than those in neighbouring countries.

He added that the refinery is not focused on recovering its $20bn investment quickly but on long-term stability, insisting diesel and petrol would continue to be sold at “very reasonable” rates.

Private depots follow Dangote’s lead

Market trackers reported immediate reactions across several depots following the refinery’s latest price template.

According to Petroleumprice.ng:

Sigmund Depot cut its ex-depot price by N4 to N824 per litre

Bulk Strategic reduced its rate by N3

TechnoOil implemented one of the biggest cuts with a N15 drop

Other depots including A.A. Rano, NIPCO and Aiteo