The Dangote Petroleum Refinery and several major depot operators have reduced the average gantry price of Premium Motor Spirit (PMS) to N840 per litre, down from N843, following a fresh decline in global crude oil prices.
The price adjustment comes as Brent crude, the international benchmark, dropped to an average of $62 per barrel over the weekend. Market checks by Vanguard indicate that the fall in crude prices has lowered refining costs, prompting downstream operators to revise their PMS pump-out prices.
According to industry data, the 650,000 barrels-per-day Dangote Petroleum Refinery, along with AIPEC and NIPCO, now sells PMS at N840 per litre. Other depots adjusted their prices slightly above this threshold, with Rainoil at N844, Sigmund at N858, Master Energy at N858, and Northwest at N850 per litre.
Meanwhile, the eight OPEC+ countries that previously announced voluntary production cuts — Saudi Arabia, Russia, Iraq, UAE, Kuwait, Kazakhstan, Algeria, and Oman — held a virtual meeting on 30 November 2025 to assess market conditions and the outlook for early 2026.
In a joint statement, the group reaffirmed its 2 November 2025 decision to pause production increases for January, February, and March 2026, citing seasonal demand patterns.
They also noted that the 1.65 million barrels per day earlier withheld could be restored “in part or in full,” depending on market developments. The bloc emphasised the need for caution and flexibility, including the option to pause or reverse the additional 2.2 million barrels per day voluntary cuts agreed in November 2023.
The coalition reiterated its commitment to full compliance with the Declaration of Cooperation and pledged to compensate for any overproduction recorded since January 2024. Monthly monitoring will continue, with the next review slated for 4 January 2026.
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