The Dangote Petroleum Refinery has again cut its petrol gantry price, dropping the ex-depot rate from N828 to N699 per litre, a staggering N129 reduction.
Data from Petroleumprice.ng on Friday confirmed the 15.58% price drop, the 20th adjustment the refinery has made this year.
An insider at the refinery, speaking on condition of anonymity, corroborated the move.
“The refinery has reduced petrol gantry price to N699 per litre,” the official said.
The latest cut comes just five days after Dangote Group Chairman Aliko Dangote reaffirmed his commitment to keeping domestic fuel prices “reasonable and competitive,” despite global market volatility and persistent cross-border smuggling.
After a closed-door meeting with President Bola Tinubu on December 6, Dangote said the downward trend would continue as the refinery ramps up output and competes with imported fuel.
“Prices are going down. The reason why prices have to go down is that we have to compete with imports,” Dangote said.
“Smuggling has reduced, though not completely. Nigeria’s fuel prices are about 55% lower than our neighbouring countries, so some smuggling continues.”
The billionaire added that petrol and diesel “will continue to be sold at very reasonable prices,” stressing that the $20 billion refinery is a long-term investment, not a quick-profit scheme.
Following Dangote’s price adjustment, several private depots also trimmed rates. Sigmund Depot cut its ex-depot price by N4 to N824 per litre, Bulk Strategic by N3, and TechnoOil led the pack with a N15 reduction. Other depots, including A.A. Rano, NIPCO, and Aiteo, made minor adjustments as the market realigned to the new pricing benchmark.
