The Dangote Petroleum Refinery has again reduced the ex-depot price of petrol, slashing the gantry rate from N828 to N699 per litre — a 15.58 per cent decline — according to real-time market data from Petroleumprice.ng.
The latest cut comes days after Dangote met with President Bola Tinubu on December 6, where he restated his commitment to ensuring competitive domestic fuel pricing despite global market volatility.
“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,” Dangote said.
He added that the refinery will continue selling petroleum products, including diesel, at reasonable rates.
Private depots have also responded by adjusting their prices. Sigmund Depot lowered its ex-depot price by N4 to N824 per litre, Bulk Strategic reduced by N3, while TechnoOil recorded one of the steepest drops with a N15 reduction.
Other depots — including A.A. Rano, NIPCO, and Aiteo — made slight price adjustments in line with the new market trend.
Dangote noted that the refinery’s pricing strategy is designed to remain competitive with imported fuel and ensure stability in the domestic supply chain.
He emphasised that the $20 billion refinery project is focused on long-term sustainability rather than immediate profit.
