Dangote Refinery Secretly Brings Down Petrol Price Again The development, which came into effect on Thursday, marks a new point in the price war currently ongoing in Nigeria’s downstream oil sector.
The Round Table reveals the fresh price subsidence comes about two weeks after Dangote Petroleum Refinery publicised a N65 reduction in the price of Premium Motor Spirit (PMS), commonly known as petrol.
The diminution in the ex-depot price from N890 to N825 per litre took effect on 27th February 2025.
The new pricing structure, which kicked off on Thursday, reportedly met with enthusiasm from oil marketers, with many of them neglecting other sources and now sourcing their products directly from the refinery.
On Tuesday, disclosures affirmed that the landing cost of petrol imported into Nigeria dropped to N774.72 per litre, with marketers predicting that the continued price plunge may lead to a descent in the pump prices of PMS to about N800 per litre.
“Crude oil is a major component in the production of fuel, so a further subsidence in its price would definitely warrant a drop in petrol price, and it is possible to drop to N800 per litre,” the National Publicity Secretary of the Independent Marketers Association of Nigeria, Chief Ukadike Chinedu, said.
With the fresh price descent by Dangote Refinery of its loading cost to N815 per litre on Thursday, the N10 levy billed by the Nigerian Midstream and Downstream Petroleum Regulatory Authority, would now make the cost of petrol from the refinery N825 per litre.
Speaking on the development, the National Publicity Secretary of the Independent Petroleum Marketers Association of Nigeria (IPMAN), Chinedu Ukadike, stated Dangote and other stakeholders are clashing for market control, hence the price war noticed by Nigerians.
He revealed, “Yes, there is speculation that the price of imported products is now lower. That is the reason for the price war. It is the beauty of deregulation. Dangote has millions of litres and would not require more or less external magnitude to take its market share. So it would have forced the price reduction.”
When contacted, an official of the Dangote Refinery, who asked not to be quoted, purported not to be aware of the new price swerve however informed Punch to go ahead with what oil marketers revelation.
“We currently don’t have some information about that, none the less we will try to elaborate tomorrow. You can declare what marketers informed you, still we don’t have any information on that as I talk to you,” the source revealed.
Category: World-News
Tag: Dangote Refinery Secretly Brings Down Petrol Price Again
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Published 3/14/2025