Dangote Petroleum Refinery and major oil marketers have set new lower prices for Premium Motor Spirit (PMS), commonly known as petrol, amid rising competition in the downstream market.
Pinnacle Daily’s checks showed a slight drop in petrol prices at various depots by major importers and the Dangote Refinery.
The price adjustment comes after a drop in global crude oil prices, with Brent crude, the benchmark for many foreign grades, falling to an average of $62 per barrel over the weekend.
According to data published by Petroleumprice.ng as of Wednesday, December 3, 2025, Dangote Refinery, which is currently the dominant supplier in the domestic market, set its gantry price at N838 per litre. This is a N12 reduction from N850 last week.
Other major marketers also had downward price adjustments. Aiteo set its depot price at N834, Bovas, Menj, Integrated Energy, MAO and Wosbab set their prices at N835, NIPCO sells at N836, all slightly below Dangote Refinery and others.
Other operators sold slightly higher, with Techno Oil at N839 per litre, Rainoil at N848 in Delta and N839 in Lagos, Pinnacle at N840, Alkanes at N849, Matrix at N838 in Lagos, N845 in Warri, Optima and Nepal N845, TSL, Sigmund, Bulk Strategic, and Strategic Bulk Masters at N851, Liquid Bulk at N853, A.Y.M. Shafa, and Zamson at N848.
However, some depots, such as Parker, sold at N935, SOBAZ raised the price to N870, a N10 increase from N860 sold previously.
Pump prices of petrol across retail outlets have also dropped. Filling stations in parts of Lagos now sell between N890 and N905, against N910 and N915 sold the previous week.
READ ALSO: NNPCL, Marketers Drop Petrol Prices Below Dangote Partners’ Cost in Lagos
Retail outlets belonging to the Nigerian National Petroleum Company Limited (NNPCL) reduced its pump prices last week selling between N900 and N905 per litre in Lagos.
Pinnacle Daily observed that an NNPC station located on Ire-Akari Estate Road, Isolo, Lagos, sold at N895 per litre on Tuesday. Similarly, another petrol station named Al-Moruf on the same axis, sold at N895 per litre. In Abuja, NNPCL outlets now sell at N930 per litre, down from N945.
Also, a report by the National Bureau of Statistics (NBS) indicated that the average retail price of a litre of petrol dropped by 11.18 per cent year-on-year from N1,184.83 in October 2024 to N1,052.31 in October 2025.
READ ALSO: Dangote Refinery: Nigeria’s Petrol Imports from Malta Fall, U.S. Crude Purchases Double
Although the average retail price increased by 8.42 per cent in October 2025 compared to ₦970.59 recorded in September 2025, according to the NBS report, analysts believe the month-on-month spike can be attributed to the supply chain disruption caused by the PENGASSAN strike at the ending of September. The disruption in oil and gas supply led to an increase in pump prices in October, that are gradually dropping.
Rising competition
Spokesperson of the Independent Petroleum Marketers Association of Nigeria (IPMAN), Chinedu Ukadike, had in an interview said fuel prices could even drop further as competition in the market increases.
READ ALSO: Dangote Refinery Commits to 1.5bn litres PMS Supply per Month in Nigeria
CEO of the Major Energies Marketers Association of Nigeria (MEMAN), Mr. Clement Isong, affirmed that the price adjustments are influenced by increasing competition in the market. According to him, “We are seeing the effects of market forces. The increased supply from Dangote has provided an alternative, and competition is benefiting the consumer. Prices will continue to find their level based on supply and demand,” Isong stated.
Victor Ezeja is a passionate journalist, scholar and analyst of socioeconomic issues in Nigeria and Africa. He is skilled in energy reporting, business and economy, and holds a master's degree in Mass Communication. He can be reached via @VICTOREZEJA on X
