The Dangote Petroleum Refinery has reduced its ex-depot price for Premium Motor Spirit (PMS), also known as petrol, to N840 per litre, a move expected to bring relief to Nigerian motorists. This decision follows a downward trend in global oil prices, with Brent crude declining to an average of $62 per barrel.

According to Anthony Chiejina, Chief Corporate Communications Officer of Dangote Group, “The refinery is responding to the downward trend in international oil markets.” Other operators, including AIPEC and NIPCO, have also adjusted their gantry or depot prices to N840 per litre. However, prices vary among other companies, with Rainoil selling at N844, Sigmund and Master Energy at N858, and Northwest at N850 per litre.

The price reduction is attributed to the decrease in crude oil prices, which has lowered refining costs. This move is seen as a positive development for Nigerian consumers, who have been grappling with high fuel prices.

Meanwhile, OPEC+ countries met virtually on November 30, 2025, to review global market conditions and outlook. The eight participating countries, including Saudi Arabia, Russia, and Iraq, reaffirmed their decision to pause production increments in January, February, and March 2026 due to seasonality. They also emphasized their commitment to achieving full conformity with the Declaration of Cooperation and compensating for any overproduced volume since January 2024.

The OPEC+ nations stated, “The eight participating countries reiterated that the 1.65 million barrels per day may be returned in part or in full subject to evolving market conditions and in a gradual manner.” They will continue to monitor market conditions and meet monthly to review progress.