The Dangote Petroleum Refinery and other major depot operators have reduced the average gantry price of Premium Motor Spirit (PMS), to N840 per litre, down from N843 per litre.
The price adjustment follows a decline in global crude oil prices, as Brent crude — the benchmark for many international grades — fell to an average of $62 per barrel over the weekend. Industry checks by Vanguard showed that the drop in crude prices lowered refining costs, prompting downstream operators to revise their pump-out prices.
According to market data, the 650,000 barrels per day Dangote Petroleum Refinery, AIPEC and NIPCO all reduced their depot prices to N840 per litre. Other operators sold slightly higher, with Rainoil at N844, Sigmund at N858, Master Energy at N858 and Northwest at N850 per litre.
Meanwhile, eight OPEC+ countries that had previously announced additional voluntary production adjustments — Saudi Arabia, Russia, Iraq, UAE, Kuwait, Kazakhstan, Algeria and Oman — met virtually on 30 November 2025 to review market conditions and the outlook for early 2026.
In a joint statement, the group reaffirmed its 2 November 2025 decision to pause production increments in January, February and March 2026 due to seasonal factors.
They noted that the 1.65 million barrels per day previously withheld could be returned ‘in part or in full’ depending on evolving market dynamics, and emphasised the need to maintain ‘a cautious approach’ with full flexibility to pause or reverse voluntary adjustments, including the additional 2.2 million barrels per day agreed in November 2023.
The countries also restated their commitment to full conformity with the Declaration of Cooperation and confirmed their intention to compensate for any overproduction recorded since January 2024. Monthly meetings will continue to review market conditions, compliance and compensation, with the next meeting scheduled for 4 January 2026.
