Dangote Refinery has announced that it has reduced its gantry price of Premium Motor Spirit (petrol) by ₦49 per litre.
The refinery now sells petrol at ₦828 per litre, down from ₦877, representing a 5.6 per cent decrease, even as the market continues to experience price fluctuations driven by global oil trends.
Latest price data from Petroleumprice.ng showed that the price review took effect from Friday, marking the refinery’s second major adjustment in three months as it responds to market realities and efforts to stabilise domestic supply.
“Dangote has reduced gantry price from ₦877 per litre to ₦828 per litre,” a marketer confirmed to our correspondent on Friday.
The move also comes amid tightening fuel margins and rising operational costs that have kept pump prices elevated across several states.
The price reduction was also confirmed by the Major Energies Marketers Association of Nigeria in its daily energy bulletin.
As a result, findings by our correspondent revealed that in the parallel depot market, MRS Oil currently sells petrol at ₦870 per litre, although other major depots are yet to adjust their prices to align with Dangote’s new benchmark.
The MEMAN bulletin revealed fresh price movements across key petroleum products, with diesel and aviation fuel recording sharp increases despite a marginal drop in petrol prices.
After accounting for freight, insurance, port charges, and financing costs, the 30-day moving average price for petrol stood at N824.10 per litre, showing a slight decline.
Spot market prices were pegged at ₦830.80 per litre for ASPAM and ₦830.82 per litre for NPSC–NOJ. Both prices are higher by ₦2 than the new gantry price at the refinery.
Petrol was sold at ₦815.14 per litre at coastal depots and ₦828.00 per litre at the Dangote Refinery gantry.
On the contrary, data showed that the refinery has increased the price of diesel, which continues to rise across the country despite the reduction in petrol rates.
Diesel traded for ₦784.75 per metric tonne at coastal points and ₦950.00 per litre at the gantry, while aviation fuel sold for ₦815.50 per metric tonne at coastal points and ₦1,025.77 per litre at the gantry.
Liquefied Petroleum Gas, however, remained stable at ₦15,000 per metric tonne ex-gantry, the only product showing price stability amid market volatility.
Prices of Automotive Gas Oil (diesel) across major depot hubs in Lagos, Warri, and Port Harcourt surged sharply following Dangote Refinery’s latest price adjustment to ₦950 per litre, indicating renewed upward pressure on downstream fuel costs.
A market survey conducted by Petroleumprice.ng between November 5 and 6, 2025, showed that average depot diesel prices rose from N919 per litre last week to ₦983 nationwide, representing a 7 per cent week-on-week increase.
The Chief Executive Officer of Petroleumprice.ng, Olatide Jeremiah, said the price adjustment demonstrated the refinery’s commitment to ensuring the availability and affordability of petroleum products, especially amid the ongoing 15 per cent tariff debate in the power sector.
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.’
Credit: punchng.com
