Dangote refinery reduces petrol ex-depot price to N1,075 per litre

This N50 reduction marks the second price cut in seven days and is expected to increase competition in Nigeria's downstream petroleum sector. The refinery has also aligned its coastal loading price to N1,075 per litre, eliminating previous price differentials. A senior official from the refinery, who wished to remain anonymous, stated that this new pricing regime is part of efforts to make products more accessible and competitive.

Additionally, the refinery has suspended its 20-member consortium arrangement, opening product loading to all qualified marketers to deepen market access and ensure seamless distribution. This development could lead to lower pump prices at filling stations, especially those sourcing directly from Dangote. The reduction comes amidst increasing competition and the Federal Government's efforts to ensure Nigerians benefit from the deregulated petroleum market.

The Minister of State for Petroleum Resources Oil, Heineken Lokpobiri, recently reiterated that market forces, not government directives, would determine fuel prices in a deregulated market, emphasizing that increased domestic refining capacity would lead to more competitive pricing. The Nigerian Midstream and Downstream Petroleum Regulatory Authority and the Federal Competition and Consumer Protection Commission have also advocated for fair competition and transparency i