Real-time market data published by Petroleumprice.ng on Friday confirmed that the refinery executed a fresh downward adjustment amounting to N129 per litre, representing a 15.58% reduction.
A refinery official, who requested anonymity because he was not authorised to speak publicly, also confirmed the development, stating: “The refinery has reduced petrol gantry price to N699 per litre.”
The revised price became effective on December 11, 2025, marking the 20th petrol price adjustment by the refinery this year.
This latest review comes barely five days after the refinery’s Chairman, Aliko Dangote, reaffirmed his commitment to keeping domestic fuel prices “reasonable and competitive,” despite global market fluctuations and ongoing smuggling activities along Nigeria’s borders.
Following his meeting with President Bola Tinubu on December 6, Dangote said prices would continue to decline as the refinery ramps up production and competes directly with imported fuel. He noted that although smuggling persists, the volume has reduced due to Nigeria’s relatively lower fuel prices—about 55% cheaper than in neighbouring countries.
Dangote added that both diesel and petrol would remain available at “very reasonable prices,” stressing that the $20 billion refinery project is a long-term investment, not one intended for rapid profit recovery.
Market monitors on Petroleumprice.ng also reported that several private depots have adjusted their prices in response to the refinery’s new benchmark.
Sigmund Depot reduced its ex-depot rate by N4 to N824 per litre, Bulk Strategic applied a N3 reduction, while TechnoOil implemented one of the sharpest cuts with a N15 drop.
Other depots, including A.A. Rano, NIPCO, and Aiteo, were also observed adjusting their prices marginally as the market responded to the new pricing dynamics.
