Yuletide Relief? Dangote Drops Petrol Price as Nigerians Brace for Xmas Travel Rush
- Dangote Refinery has announced a new petrol price a few days after the NNPC reduced its rates
- The price adjustment has led to a frantic rush by depot operators slashing their rates to remain competitive
- The move comes as crude oil prices plunged to an average of $60 per barrel in the international market
Pascal Oparada is a journalist with Legit.ng, covering technology, energy, stocks, investment, and the economy for over a decade.
Dangote Refinery has reduced its petrol ex-depot price from N843 to N840 per litre, just days after the NNPC announced its own downward adjustment.
The new price comes as Nigerians enter the festive season, prompting depot operators nationwide to swiftly review their rates to stay competitive.
Source: Getty Images
The giant refinery reduced its petrol prices from N843 per litre to N840 as Nigerians entered the yuletide period.
Crude price crash pushes down refined products
Read also
CBN sells dollars to Access, UBA, Zenith, other banks at new rate amid naira’s depreciation
Energy analysts say the adjustment is driven by a sharp drop in Brent crude, which averaged $60 per barrel over the weekend.
“Crude prices are dropping, and it would be unrealistic for refineries to maintain high rates in a deregulated market,” energy policy expert Adeola Yusuf told Legit.ng.
He noted that refined products will continue to mirror global oil price volatility.
“Crude prices are dropping and it will be foolhardy for refineries to still maintain high prices,” Adeola Yusuf, energy policy expert, told Legit.ng on a call.
According to him, refined petroleum products are highly susceptible to crude oil price volatility in the international market.
“The beauty of a deregulated market is that prices are not stable and are subject to international benchmark prices,” he said.
Depot owners rush to adjust
A check on PetroleumPriceNG shows several Lagos-based depots, including AIPEC and NIPCO, have matched Dangote’s new rate at N840 per litre.
Others made varying adjustments: Rainoil now sells at N844, Sigmund at N858, Master Energy at N858, and Northwest at N850.
Meanwhile, eight OPEC+ countries met on November 30, 2025, to review global market conditions.
OPEC to maintain crude output
The group reaffirmed its decision to halt output increases for early 2026 and maintained flexibility to reinstate or adjust production cuts depending on market behaviour.
They also pledged stricter compliance monitoring ahead of their next meeting on January 4, 2026.
A Vanguard report said that the group reaffirmed their November 2, 2025, decision to halt output increases for January, February, and March 2026 due to seasonal market sentiments.
OPEC to reinstate withheld production
The oil cartel disclosed that the 1.65 million barrels per day previously withheld may be returned to the market in installments, depending on market conditions.
The OPEC+ members also stressed their commitment to maintaining stability, saying that they retain full flexibility to halt or reverse voluntary production adjustment, including the 2.2 million barrels per day reduction announced two years ago.
The organisation further promised to ensure full conformity with the Declaration of Cooperation, with monitoring by the Joint Ministerial Monitoring Committee (JMMC), vowing to fully compensate for any overproduction stretching back to January 2024.
Source: Getty Images
The eight countries will continue monthly meetings to review market development, compliance and compensation, with the next session billed for January 4, 2026.
Dangote Refinery saves Nigeria N10bn yearly
Legit.ng earlier reported that the Senior General Manager of Corporate Communications at Dangote Industries Ltd., Sunday Esan, has revealed that the Dangote Refinery is saving Nigeria more than N10 billion each year in foreign exchange by substituting imported fuel with locally refined products.
He made this known in Lagos during the 2025 Media Week of the Nigeria Union of Journalists (NUJ), Lagos State Council.
The programme, themed “Unlocking Opportunities for Businesses in a Challenging Economy: The Role of the Media / Roadmaps to Energy Security in Nigeria,” provided a platform to examine how the refinery is reshaping the nation’s energy landscape.
Source: Legit.ng
