BREAKING: Dangote announces major price review, reduces petrol to N699/Litre

Dangote Petroleum Refinery has again reviewed the pump price of petrol, trimming its ex-depot rate from N828 to N699 per litre, in what marks the twentieth price adjustment by the facility this year.

Fresh figures released on Friday by Petroleumprice.ng showed that the refinery slashed the Premium Motor Spirit (PMS) benchmark by N129 per litre, representing a 15.58 percent reduction.

A refinery official, who spoke on condition of anonymity because he was not authorised to address the media, confirmed the development, stating simply: “The refinery has reduced petrol gantry price to N699 per litre.”

The new pricing took effect on December 11, coming just days after the refinery’s chairman, Aliko Dangote, reiterated his commitment to keeping local fuel prices “reasonable and competitive”, despite global market volatility and the persistent problem of smuggling across Nigeria’s borders.

Speaking after a closed-door meeting with President Bola Tinubu on December 6, Dangote hinted that Nigerians should expect more price reductions as the refinery ramps up production and intensifies competition with imported fuel.

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

But luckily for us now, the smuggling has reduced, not totally. There is still quite a lot of smuggling because the price we have in Nigeria is about 55 percent lower than the price of our neighbouring countries.”

Dangote stressed that petroleum products—including diesel and petrol—would continue to be sold at what he described as “very reasonable prices”, insisting the refinery was built for long-term industrial value, not rapid profit recovery. “We are not here to make our $20 billion back quickly; it’s a long-term investment,” he said.

Market reactions were swift. Data from Petroleumprice.ng indicated that private depots across the country adjusted their own ex-depot prices in response to Dangote’s new template.

Sigmund Depot dropped its price by N4 to N824 per litre, while Bulk Strategic reduced by N3. TechnoOil implemented one of the steepest cuts, trimming N15 off its previous rate.

Other major depots, including A.A. Rano, NIPCO and Aiteo, also effected downward reviews as the entire downstream market realigned with the latest Dangote pricing.

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