Dangote Refinery Slashes Petrol Price to N970
Direct refinery-to-marketer sales promise relief for Nigerian consumers amid deregulated market
Nigerian motorists may soon experience lower fuel prices at the pump as the Dangote Petroleum Refinery announces a N20 reduction in its Premium Motor Spirit (PMS) pricing, bringing the cost to N970 per litre for marketers. This adjustment marks the refinery’s first price reduction since beginning operations and signals increasing competition in the domestic fuel market.
“As the year comes to an end, this is our way of appreciating the good people of Nigeria for their unwavering support in making the refinery a dream come true,” stated Anthony Chiejina, Group Chief Branding and Communications Officer of the Dangote Group. He added that the move “will complement the measures put in place to encourage domestic enterprise for our collective well-being.”
The refinery’s management has doubled down on its quality assurance commitments, promising Nigerians environmentally friendly and sustainable petroleum products. “We are determined to keep ramping up production to meet and surpass our domestic fuel consumption; thus, dispelling any fear of a shortfall in supply,” Chiejina emphasized.
The Independent Petroleum Marketers Association of Nigeria (IPMAN) has observed tangible market impacts from their collaboration with Dangote. “By just the announcement that IPMAN and Dangote have met and are ready to transact business, the prices of products have crashed. You would have noticed the drop in prices by N10, N15, or so, and this is due to competition,” explained Chinedu Ukadike, IPMAN’s spokesman.
Ukadike expressed optimism about further price reductions, stating, “Independent marketers are no longer buying from middlemen. We are going to be buying directly from the producer. So, the competition is setting in. I also want to tell you that before the end of this year, the price will not be as high as what you see now.”
With this latest price adjustment, the Dangote Refinery continues to demonstrate its influence in Nigeria’s fuel market. The combination of robust domestic refining capacity and direct marketer relationships signals a shift toward a more competitive environment that could benefit Nigerian consumers. However, as the market continues to evolve under deregulation, prices will likely remain dynamic, responding to both local production capabilities and global market forces.
