In a major development that has sent waves across Nigeria’s downstream sector, the Dangote Petroleum Refinery has announced a dramatic reduction in its ex-depot petrol price to ₦699 per litre, a significant drop from the previous ₦828. The adjustment, effective immediately, marks one of the refinery’s most aggressive price cuts since operations began.
The refinery’s latest move comes as part of a broader strategy to stabilise fuel costs and increase competition with imported petrol, which has dominated the Nigerian market for decades. Industry analysts say the cut is expected to force other marketers and depots to re-evaluate their pricing in the coming days.
According to market data from Petroleumprice.ng, this reduction represents a ₦129 slash, accounting for over 15% downward adjustment. The refinery has progressively reviewed petrol prices this year, making this the twentieth revision as it ramps up production and strengthens supply chains.
Officials at the refinery disclosed that the decision was influenced by improved output levels and a renewed commitment to ensuring Nigerians enjoy more affordable fuel, especially as the festive travel season approaches. They added that Dangote is focused on building a competitive pricing template capable of disrupting long-standing dependence on imports.
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Chairman of the Dangote Group, Aliko Dangote, recently reiterated his goal to keep prices “as reasonable as possible” following a meeting with President Bola Tinubu. He noted that the refinery’s expanding capacity gives room for continuous price moderation in favour of the Nigerian market.
The refinery chairman also highlighted that reducing smuggling incentives remains a priority, as Nigerian petrol prices have historically encouraged massive cross-border leakages into neighbouring countries. Competitive local pricing, he said, is one of the major tools to curb illegal exports.
Following the price slash, some private depots have already begun adjusting their rates to reflect market realities. Sigmund Depot reportedly reduced its pump-out price by ₦4, while others such as TechnoOil, NIPCO, A.A. Rano, and Aiteo made minimal downward reviews in response to Dangote’s new pricing benchmark.
Observers believe the new ₦699 rate at the gantry will pressure retail outlets to review their pump prices, potentially offering much-needed relief to motorists who have endured months of fluctuating and rising fuel costs. Though ex-depot prices do not directly translate into pump prices, they heavily influence final retail costs nationwide.
The pricing overhaul also signals Dangote Refinery’s growing influence on Nigeria’s energy dynamics, proving its potential to reshape the market, drive competition, and gradually reduce the country’s heavy dependence on foreign-refined products.
As Nigerians await corresponding reductions at filling stations, energy watchers say the latest Dangote price slash may usher in a more stable and affordable fuel regime, giving consumers hope for relief at the pump in the weeks ahead.
