The ex-depot pricing has been slashed from N828 to N699 per litre by the Dangote Petroleum Refinery. The refinery conducted another significant downward revision, lowering the Premium Motor Spirit benchmark price by N129 per litre, or 15.58%, according to real-time market data released on Petroleumprice.ng on Friday. The change was also verified by a refinery official who spoke on condition of anonymity because he was not permitted to comment in public.
"The refinery has lowered the price of gasoline to N699 per litre," he stated.
The refinery issued 20 price adjustments for gasoline this year, the most recent of which went into effect on December 11, 2025.
The most recent cut was made just five days after Aliko Dangote, the chairman of the refinery, reaffirmed his pledge to maintain "reasonable and competitive" local fuel prices in the face of international unpredictability and ongoing smuggling along Nigeria's borders.
Following a private meeting with President Bola Tinubu on December 6, Dangote stated that as the refinery increases production and directly competes with imported goods, prices would continue to decline. "Prices are going down," said Dangote. Prices must decrease because we must compete with imports.
"Because Nigerian prices are roughly 55% lower than those of our neighbouring countries, there is still a significant amount of smuggling." Petroleum goods, including gasoline and diesel, "will continue to be sold in the market at a very reasonable price," according to the billionaire.
"It's a long-term investment; we are not here to make our $20 billion back quickly," Dangote stated. Following the refinery's most recent evaluation, market trackers on Petroleumprice.ng also revealed further cuts at a number of private depots.
The site claims that Bulk Strategic also reported a slight decrease in N3, while Sigmund Depot lowered its ex-depot pricing by N4 to N824 per litre. With a N15 cut, TechnoOil made one of the biggest reductions.
As the market responded to the new Dangote price pattern, other depots, such as A.A. Rano, NIPCO, and Aiteo, were also seen marginally modifying their rates.