Dangote Refinery Slashes Petrol Price by N49 Per Litre

Dangote Refinery has announced a N49 per litre reduction in the gantry price of Premium Motor Spirit (petrol), lowering it from N877 to N828 per litre — a 5.6 per cent decrease — as part of ongoing efforts to stabilise domestic supply amid global market fluctuations.

According to updated figures from Petroleumprice.ng, the price adjustment took effect on Friday, marking the refinery’s second major review in three months. A marketer who confirmed the development said, “Dangote has reduced the gantry price from N877 per litre to N828 per litre.”

The decision comes amid tight fuel margins and rising operational costs that have kept pump prices high across many states. The Major Energies Marketers Association of Nigeria (MEMAN) also confirmed the reduction in its daily energy bulletin.

Investigations revealed that MRS Oil currently sells petrol at N870 per litre in the parallel depot market, while several other major depots are yet to adjust their prices in line with Dangote’s new benchmark.

The MEMAN bulletin also reflected broader fuel market movements — showing slight declines in petrol prices but sharp increases in diesel and aviation fuel rates.

After factoring in freight, insurance, port charges, and financing costs, the 30-day moving average price for petrol stood at N824.10 per litre. Spot market rates were recorded at N830.80 per litre for ASPAM and N830.82 per litre for NPSC–NOJ, both slightly above the refinery’s new gantry price.

Petrol was sold at N815.14 per litre at coastal depots and N828.00 per litre directly from Dangote Refinery.

However, data showed that diesel prices have continued to rise despite the petrol price cut. Diesel traded at N784.75 per metric tonne at coastal points and N950.00 per litre at the gantry, while aviation fuel sold at N815.50 per metric tonne at coastal points and N1,025.77 per litre at the gantry.

Liquefied Petroleum Gas (LPG) remained stable at N15,000 per metric tonne ex-gantry — the only product maintaining price stability amid overall market volatility.

A nationwide market survey by Petroleumprice.ng between November 5 and 6, 2025, revealed that average diesel depot prices climbed from N919 to N983 per litre week-on-week, representing a 7 per cent increase.

The Chief Executive Officer of Petroleumprice.ng, Olatide Jeremiah, described the refinery’s latest petrol price reduction as a positive step toward ensuring product availability and affordability, particularly amid debates over the 15 per cent electricity tariff adjustment.

“This 5 per cent reduction from N877 to N828 is a welcome development,” he said. “It gives Nigerians confidence that the Dangote Refinery remains committed to delivering affordable petroleum products and stabilising the energy market.”

ADEOLA KUNLE