Dangote Slashes Petrol Price to N699/Litre Ahead of Christmas — 20th Reduction This Year

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The Dangote Petroleum Refinery has announced another major price cut, reducing its ex-depot petrol rate to N699 per litre, a 15.58% drop, just days before the Christmas rush.

The latest adjustment—confirmed by real-time market data and a senior refinery official—marks the 20th fuel price revision in 2025, making it one of the most aggressive price interventions since operations began.

This reduction follows Chairman Aliko Dangote’s meeting with President Bola Ahmed Tinubu on December 6, where he reportedly pledged more competitive pricing to ease nationwide fuel pressure and undermine the influence of import-driven markets.

Private depots including Sigmund and TechnoOil quickly mirrored the price slash, signalling an industry-wide reaction to Dangote’s move. However, retail pump prices remain significantly higher, currently ranging from N843 to N915 per litre, reflecting transportation expenses, distribution margins and retail station overheads.

Economists say the refinery’s pricing strategy is aimed at undercutting fuel imports, curbing cross-border smuggling, and stabilising local supply at a time when neighbouring countries sell fuel at much higher rates.

As Nigeria heads into the festive season—usually characterised by increased travel and fuel demand—the refinery’s latest price cut is expected to bring some relief to motorists grappling with months of fluctuating pump costs.