Major depot operators, including the Dangote Petroleum Refinery, AIPEC, and NIPCO, have reduced the average gantry price of Premium Motor Spirit (PMS) to ₦840 per litre, down from ₦843 per litre.

• Other depot prices: Rainoil ₦844, Sigmund ₦858, Master Energy ₦858, Northwest ₦850.
• The adjustment follows a decline in Brent crude prices, which averaged $62 per barrel over the past weekend, lowering refining costs.

Dangote Refinery operates at 650,000 barrels per day, and the price revision reflects cost reductions passed on to depot operators.

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OPEC+ Update

Eight OPEC+ countries — Saudi Arabia, Russia, Iraq, UAE, Kuwait, Kazakhstan, Algeria, Oman — met virtually on 30 November 2025 to review market conditions:

• They reaffirmed their 2 November 2025 decision to pause production increments for Jan–Mar 2026 due to seasonal factors.
• The previously withheld 1.65 million barrels/day could be returned partially or fully depending on market dynamics.
• The group emphasised flexibility to adjust production, ensuring adherence to the Declaration of Cooperation and compensating for overproduction since Jan 2024.
• Next OPEC+ meeting: 4 January 2026.

The price adjustment in Nigeria mirrors global crude trends and shows downstream operators aligning domestic pump prices with international market conditions.