Dangote Refinery, others cut petrol gantry price to N840 per litre

…as OPEC+ Nations Reaffirm Commitment to Market Stability

The Dangote Petroleum Refinery and several other depot operators have reduced the average gantry price of Premium Motor Spirit (PMS), also known as petrol, to N840 per litre, down from N843 per litre.

The adjustment comes as the price of Brent crude — the global benchmark — dropped to an average of $62 per barrel over the weekend, driving down refining costs and prompting operators across the downstream sector to review product prices.

Checks by Vanguard showed that the 650,000 barrels-per-day Dangote Petroleum Refinery, AIPEC and NIPCO all reduced their depot prices to N840 per litre, according to market data obtained from industry channels.

Other operators adjusted differently, with Rainoil selling at N844, Sigmund at N858, Master Energy at N858, and Northwest at N850 per litre.

OPEC+ Reviews Market Outlook, Maintains Cautious Stance

Meanwhile, eight OPEC+ member countries — Saudi Arabia, Russia, Iraq, UAE, Kuwait, Kazakhstan, Algeria and Oman — met virtually on November 30, 2025, to assess global oil market conditions and outlook.

In a statement, the group reaffirmed their earlier decision of November 2, 2025, to pause production increments for January, February and March 2026 due to seasonal market patterns.

They reiterated that the 1.65 million barrels per day previously withheld may be returned to the market gradually, depending on evolving conditions.

The countries also emphasised their commitment to maintaining stability, noting that they retain full flexibility to pause or reverse voluntary production adjustments, including the 2.2 million barrels per day cuts announced in November 2023.

They further pledged to ensure full conformity with the Declaration of Cooperation, with monitoring by the Joint Ministerial Monitoring Committee (JMMC), and vowed to fully compensate for any overproduction dating back to January 2024.

The eight OPEC+ nations will continue monthly meetings to review market developments, compliance and compensation, with the next session scheduled for January 4, 2026.