Fresh adjustments in the downstream market emerged on Friday after the Dangote Petroleum Refinery lowered its petrol gantry rate to N699 per litre, signalling another major reduction in the pump-price trajectory.
Information from Petroleumprice.ng indicated that the facility introduced the new benchmark after trimming N129 off the previous ex-depot rate of N828 per litre, representing a 15.58 per cent drop.
Confirmation of the adjustment also came from a refinery official who explained that the updated figure became effective on December 11 and reflected the company’s ongoing price review strategy for the year.
Another detail provided by the official revealed that this latest move marks the twentieth petrol price change the refinery has implemented in 2025.
Recent developments followed assurances by the refinery’s Chairman, Aliko Dangote, who last week restated his pledge to maintain fair and competitive domestic fuel pricing despite unstable global market conditions.
Speaking to journalists after a meeting with President Bola Tinubu on December 6, Dangote noted that increased production capacity would continue to push petroleum prices downward as the refinery competes directly with imported PMS.
According to him, declining smuggling activities across Nigeria’s borders also help shape market behaviour, although he acknowledged that illicit cross-border movements are yet to end completely.
The industrialist stressed that his multibillion-dollar investment aims at long-term stability rather than quick profit, adding that both diesel and petrol would remain available at reasonable rates.
Market analysts on Petroleumprice.ng observed that several private depots adjusted their prices shortly after the refinery’s announcement, signalling a broader market reaction.
Reports from the platform showed that Sigmund Depot reviewed its price downward by N4 to N824 per litre, while Bulk Strategic introduced a smaller reduction of N3.
TechnoOil, according to the same data, posted one of the steepest cuts with a reduction of N15 per litre, reflecting the competitive pressure triggered by the new pricing.
Other players such as A.A. Rano, NIPCO and Aiteo also made minor downward reviews as depot operators aligned with the refinery’s updated pricing model.
