Breaking: Dangote Refinery drops petrol price

Dangote Refinery has announced a fresh reduction in petrol prices, offering rates as low as N899.5 per litre for bulk purchases.

This move aims to stabilize the fuel market and provide relief to marketers amid ongoing challenges in Nigeria’s energy sector.

According to the new pricing structure, marketers can access two million litres of petrol at N899.5 per litre for cash transactions. An additional two million litres is available through a bank guarantee valid for 15 days, backed by Access Bank, Zenith Bank, and First Bank. For larger quantities, the refinery offers 10 million litres at N895 per litre, with an equivalent matching volume under similar bank guarantee terms.

This adjustment follows a price cut in November, when the refinery reduced the cost of Premium Motor Spirit (PMS) from N990 to N970 per litre, alongside a N20 per litre discount to ease distribution costs for marketers.

The latest price slash is expected to ease supply pressures on independent marketers and reduce costs for consumers. However, it creates challenges for fuel importers who placed orders based on higher price points, leaving them at risk of significant financial losses.

As Nigeria’s fuel market continues to evolve, industry watchers see Dangote Refinery’s pricing strategy as a critical step toward ensuring stability and affordability in the sector.