The Dangote Petroleum Refinery, Africa’s largest single-train refinery, has announced a major reduction in its petrol gantry price, slashing the ex-depot rate for Premium Motor Spirit (PMS) by N129 per litre—a cut of over 15.5%. The new price of N699 per litre took effect on December 11, marking the 20th such adjustment made by the refinery this year, according to real-time market data published by Petroleumprice.ng. An unnamed refinery official confirmed the significant price reduction to the local press.
The reduction is the latest signal of heightened competition in Nigeria’s fuel market following the removal of state subsidies. It comes just days after the refinery’s Chairman, Aliko Dangote, met with President Bola Tinubu on December 6, where he pledged to keep domestic fuel prices “reasonable and competitive” to challenge the reliance on imported products. Dangote explained that prices would continue to fall as the facility ramps up its output and is forced to compete directly with imports. The billionaire added that while smuggling to neighbouring countries—where Nigerian petrol remains significantly cheaper—was still an issue, the refinery’s goal was long-term market stability rather than quick profit recovery. Following the move, several private depots, including TechnoOil, Sigmund Depot, and Bulk Strategic, were reported to have immediately begun adjusting their own ex-depot rates downward in response to Dangote’s new pricing template
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