Dangote refinery slashes petrol gantry price by N25 per litre

The Dangote Petroleum Refinery has lowered its petrol price by N25 per litre, bringing the cost down from N1,275 to N1,250 at its gantry. A senior Dangote Group official, speaking anonymously, confirmed the adjustment, citing a recent decrease in international crude oil prices as the primary reason.

"We have reduced the petrol price to N1,250 at our gantry. This has to do with the current reduction in global oil prices, though everything is still volatile and requires caution," the official stated. This move comes as depot prices have been fluctuating in response to market dynamics. Previously, other suppliers like Aiteo and NIPCO were selling petrol at N1,272 per litre, and integrated energy firms were trading around N1,274, all slightly below Dangote's prior price.

This latest price cut by Dangote Refinery is anticipated to impact pricing throughout Nigeria's downstream petroleum sector, particularly for marketers who source their products from the refinery. Petrol prices in Nigeria have seen a significant surge in recent months, climbing from approximately N830 per litre to around N1,300 in many areas, driven by increases in crude oil costs. The rising prices of diesel and aviation fuel have also raised concerns among businesses and transport operators.

The Dangote Refinery, a major player in the Nigerian energy landscape, has the capacity to process a significant volume of crude oil. Its pricing decisions often influence the broader market, and this reduction offers a slight reprieve to consumers facing high fuel costs.

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We have reduced the petrol price to N1,250 at our gantry. This has to do with the current reduction in global oil prices, though everything is still volatile and requires caution.