In a move that could trigger fresh competition in Nigeria’s downstream oil sector, the Dangote Refinery has slashed its ex-depot petrol price to N699 per litre, down from N828, according to figures published by Petroleumpriceng on Friday morning.
The reduction represents a N129 drop, or 15.58 per cent, and is the latest in a series of price adjustments by the refinery as it positions itself as a major player in the national fuel supply chain. The review is reportedly the 20th price adjustment this year, underscoring ongoing volatility in the petroleum market and the refinery’s evolving pricing strategy.
The new price comes at a critical time as Nigerians prepare for the Yuletide season, when fuel demand typically spikes. The decision is also seen as an attempt by the Dangote Refinery to gain a competitive edge over the Nigerian National Petroleum Company Limited (NNPCL) and independent marketers.
The price cut follows at least two downward reviews by NNPCL and several filling stations in the last three weeks, with pump prices in Abuja currently ranging between N915 and N937 per litre. Industry observers say Dangote’s latest move may compel other marketers to lower prices again, potentially offering some relief to motorists grappling with high transportation costs.
As the year draws to a close, stakeholders will be watching closely to see whether the price adjustment ushers in broader market stabilization or signals further competition-driven reductions in the coming weeks.
