The Dangote Petroleum Refinery has further reduced its petrol gantry price, cutting the ex-depot rate from N828 to N699 per litre, a 15.58 per cent drop, according to real-time market data published on Petroleumprice.ng.
The latest reduction comes days after Dangote, in a closed-door meeting with President Bola Tinubu on December 6, reiterated his commitment to keeping domestic fuel prices competitive despite global volatility and persistent cross-border smuggling.
“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, adding that petroleum products, including diesel, will continue to be sold at reasonable prices.
Market trackers also reported that several private depots followed suit. Sigmund Depot reduced its ex-depot price by N4 to N824 per litre, Bulk Strategic cut by N3, and TechnoOil recorded one of the sharpest decreases with a N15 drop. Other depots, including A.A. Rano, NIPCO, and Aiteo, adjusted their rates slightly in line with the new pricing.
The refinery’s pricing adjustments come as part of a long-term strategy to compete with imported fuel and stabilise domestic supply, according to Dangote, who stressed that the $20 billion investment is aimed at sustainable growth rather than quick returns.