The Dangote Petroleum Refinery has announced another major cut in petrol prices, lowering its ex-depot rate to N699 per litre.
This latest adjustment replaces the previous rate of N828 per litre and takes immediate effect.
The refinery confirmed the new price on Thursday, marking yet another downward move in what has been a year defined by repeated market reviews.
Staff familiar with the development, though not authorised to speak publicly, said the change became effective on December 11, 2025.
This new rate now stands as one of the lowest the refinery has offered since it began large-scale distribution earlier in the year.
Industry trackers noted that the N129 reduction represents a significant shift in domestic pricing, especially at a time when global market figures remain unstable.
The management’s decision follows renewed assurances from the refinery’s chairman, Aliko Dangote, who earlier this month met with President Bola Tinubu at the State House.
After the meeting, the industrialist reaffirmed his commitment to ensuring that fuel prices within Nigeria remain “reasonable and competitive”, despite fluctuations in global oil markets and the continuing challenge of cross-border smuggling.
Dangote explained that prices will keep declining as the refinery pushes output higher and competes directly with foreign imports. He emphasised that the company is approaching fuel distribution as a long-term venture rather than a quick-profit project.
According to him, the refinery’s aim is not to immediately recover the multi-billion-dollar investment but to stabilise the domestic market.
Nevertheless, the ripple effect of the latest adjustment became visible almost instantly across private depots.
Several depots made slight changes to their own rates as they aligned with the new market template. Some shaved off a few naira, while others implemented more noticeable reductions.