The Dangote Petroleum Refinery and several major depot operators have lowered the average gantry price of Premium Motor Spirit (PMS) to N840 per litre, a slight reduction from the previous N843 per litre.
This adjustment follows a decline in Brent crude prices, which averaged $62 per barrel over the weekend. The drop in crude prices reduced refining costs, leading operators across the downstream sector to review and adjust product prices accordingly.
Market findings by Vanguard revealed that the 650,000-barrels-per-day Dangote Refinery, along with AIPEC and NIPCO, set their depot prices at N840 per litre, based on verified industry data.
Other depot operators adopted varying price adjustments, with Rainoil at N844, Sigmund at N858, Master Energy at N858, and Northwest at N850 per litre.
At the same time, eight OPEC+ member countries—Saudi Arabia, Russia, Iraq, UAE, Kuwait, Kazakhstan, Algeria and Oman—held a virtual meeting on November 30, 2025, to evaluate global oil market dynamics.
In their statement, they reaffirmed their earlier November 2, 2025, decision to pause production increases for January, February and March 2026, taking seasonal market behaviour into account. The group noted that the 1.65 million barrels per day previously withheld could be returned gradually depending on market conditions.
They also stressed their commitment to market balance, maintaining the option to pause or reverse voluntary supply adjustments, including the 2.2 million barrels per day cuts announced in November 2023. The group further pledged strict compliance with the Declaration of Cooperation, monitored by the Joint Ministerial Monitoring Committee (JMMC), and promised to fully offset any overproduction from January 2024 onward.
The eight nations will continue to meet monthly to assess market trends, compliance, and compensation mechanisms, with the next meeting slated for January 4, 2026.
What You Should Know
The reduction in petrol depot prices to N840 per litre reflects the easing cost of crude oil, which dropped to $62 per barrel, prompting refiners and depot operators to adjust rates.
The government, in collaboration with energy regulators, continues to monitor pricing trends to maintain supply stability.
Meanwhile, OPEC+ is maintaining a cautious stance on production adjustments, ensuring global oil market balance through controlled output and regular reviews.
