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Shock Wave Nationwide as Dangote Refinery Slashes Petrol Price-See The Full Details Inside
The petrol market has seen another adjustment as the Dangote Refinery, along with a few other depots, reduced their gantry price for Premium Motor Spirit (PMS) to ₦840 per litre.....KINDLY READ THE FULL STORY HERE▶
This new rate dropped from the previous ₦843, following a decline in the price of Brent crude, which averaged $62 per barrel over the weekend. The fall in global crude prices prompted refiners and downstream operators to revise their pump and depot prices accordingly.
Market findings revealed that Dangote Refinery, AIPEC, and NIPCO all lowered their depot price to ₦840 per litre. Other depots made slightly different adjustments: Rainoil priced at ₦844, Sigmund at ₦858, Master Energy at ₦858, and Northwest at ₦850 per litre.
Industry players attributed the price reductions to the global crude slump, which directly impacts refining and distribution expenses.
The OPEC+ virtual meeting held on November 30, 2025, also shaped market expectations. Eight participating countries — Saudi Arabia, Russia, Iraq, UAE, Kuwait, Kazakhstan, Algeria, and Oman — reviewed global oil market conditions and upheld their earlier resolution from November 2, 2025, to keep output levels unchanged for January to March 2026, anticipating seasonal variations.
They also reaffirmed that the 1.65 million barrels per day withheld from the market may be gradually restored depending on future market trends. The group maintained that they retain the flexibility to pause or reverse voluntary production cuts, including the 2.2 million barrels per day reduction first introduced in 2023.
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