Dangote Refinery has lowered its petrol loading price from ₦825 to ₦815 per litre, fueling competition in Nigeria’s oil market and potentially reducing pump prices.
The Dangote Petroleum Refinery has once again reduced the price of petrol at its loading gantry, lowering the cost from ₦825 per litre to ₦815 per litre.
This new price adjustment, which took effect on Thursday, is the latest move in the ongoing competition within Nigeria’s downstream oil sector.
This reduction follows an earlier price cut announced about two weeks ago when the refinery slashed the ex-depot price of Premium Motor Spirit (PMS) from ₦890 to ₦825 per litre, which took effect on February 27, 2025. The recent price adjustments have sparked significant reactions among oil marketers, with many now opting to source their products directly from Dangote Refinery instead of other suppliers.
Reports indicate that as of Tuesday, the landing cost of imported petrol in Nigeria had dropped to ₦774.72 per litre. Industry experts suggest that this downward trend could eventually lead to a reduction in the pump price of petrol to approximately ₦800 per litre. Speaking on this, the National Publicity Secretary of the Independent Marketers Association of Nigeria, Chief Ukadike Chinedu, explained, “Crude oil is a major component in the production of fuel, so a further reduction in its price would definitely warrant a drop in petrol price, and it is possible to drop to ₦800 per litre.”
With Dangote Refinery now setting its loading cost at ₦815 per litre, the additional ₦10 levy imposed by the Nigerian Midstream and Downstream Petroleum Regulatory Authority brings the effective price to ₦825 per litre.
Commenting on the price changes, Chinedu Ukadike noted that the competition between Dangote Refinery and other suppliers is fueling a price war. He said, “Yes, there is speculation that the price of imported products is now lower. That is the reason for the price war. It is the beauty of deregulation. Dangote has millions of litres and would not want any external force to take its market share. So it would have forced the price reduction.”
Meanwhile, when asked about the latest price adjustment, a Dangote Refinery official, who preferred to remain anonymous, said they were not aware of any price changes at the moment. “We currently don’t have any information about that, but we will try to clarify tomorrow. You can report what marketers told you, but we don’t have any information on that as I talk to you,” the official stated.
