Dangote Refinery reduces petrol price by N49 per litre

The Dangote Refinery has announced a reduction in the ex-depot (gantry) price of Premium Motor Spirit (petrol) by ₦49 per litre, bringing the new rate to ₦828 per litre from the previous ₦877.

The latest review, representing a 5.6 per cent decrease, took effect on Friday and marks the second major downward adjustment by the refinery in the past three months. The move comes as the company continues to respond to global oil market dynamics and efforts to stabilise domestic fuel supply.

“Dangote has reduced gantry price from ₦877 per litre to ₦828 per litre,” a fuel marketer confirmed to our correspondent on Friday.

According to data from Petroleumprice.ng, the refinery’s new pricing took effect amid tightening fuel margins and surging operational costs that have kept retail pump prices high across several states.

The Major Energies Marketers Association of Nigeria (MEMAN) also confirmed the price revision in its daily energy bulletin.

Market findings show that MRS Oil currently sells petrol at ₦870 per litre in the parallel depot market, while other major depots are yet to reflect the new benchmark in their own pricing structures.

Meanwhile, MEMAN’s latest bulletin highlighted mixed price movements across the downstream sector, noting sharp increases in diesel and aviation fuel rates despite the modest fall in petrol prices.

After factoring in freight, port, and insurance costs, the 30-day moving average price of petrol stood at ₦824.10 per litre — a slight dip from the previous period.

Spot market figures placed prices at ₦830.80 per litre for ASPAM and ₦830.82 per litre for NPSC–NOJ, both slightly higher than the refinery’s new gantry rate. Petrol at coastal depots sold for ₦815.14 per litre, while the Dangote Refinery’s gantry price held at ₦828.00.

However, while petrol prices dropped, diesel costs climbed sharply, with data showing it sold for ₦784.75 per metric tonne at coastal points and ₦950.00 per litre at the gantry. Aviation fuel also rose to ₦815.50 per metric tonne at coastal points and ₦1,025.77 per litre at the gantry.

Liquefied Petroleum Gas (LPG) prices remained unchanged at ₦15,000 per metric tonne, making it the only stable product amid ongoing market volatility.

Across major depot hubs in Lagos, Warri, and Port Harcourt, Automotive Gas Oil (diesel) prices increased to ₦950 per litre, up from ₦919 last week. Data from Petroleumprice.ng showed an average national rise to ₦983 per litre between November 5 and 6, representing a 7 per cent week-on-week increase.

The Chief Executive Officer of Petroleumprice.ng, Olatide Jeremiah, described the refinery’s move as a positive step toward affordability
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He said, “This 5 per cent reduction from 877 to 828 is a welcome development as it will give confidence to Nigerians that the Refinery has the mandate to deliver availability and affordability of petroleum products amid the 15 per cent tariff debate.”