Dangote Refinery, Others Cut Petrol Depot Price to N840 per Litre
The Dangote Petroleum Refinery and several major depot operators have reduced the average gantry price of Premium Motor Spirit (PMS) to N840 per litre, down from N843, following a drop in global crude prices. Brent crude fell to an average of $62 per barrel, lowering refining costs and prompting adjustments across the downstream sector.
Market data shows that Dangote Refinery, AIPEC and NIPCO all now sell at N840 per litre. Other depots posted slightly higher prices: Rainoil at N844, Sigmund and Master Energy at N858, and Northwest at N850 per litre.
Meanwhile, eight OPEC+ countries — Saudi Arabia, Russia, Iraq, UAE, Kuwait, Kazakhstan, Algeria and Oman — met virtually on 30 November 2025 to assess market conditions for early 2026. The group reaffirmed its earlier decision to pause production increases in the first quarter of 2026, citing seasonal factors.
They noted that 1.65 million barrels per day previously withheld may be restored partly or fully depending on market trends, and stressed the need for a cautious, flexible production strategy. The countries also pledged full compliance with the Declaration of Cooperation and committed to offsetting any overproduction since January 2024. The next review meeting is set for 4 January 2026
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