“Breaking: Dangote Cuts Petrol Price by N129—Is This the Cheapest Fuel You’ll See This Year?”
By Passman Akpos
In a major boost for motorists and marketers ahead of the festive season, the Dangote Petroleum Refinery has reduced the ex-gantry price of its premium motor spirit (petrol) to N699 per litre, down from N828 per litre, a reduction of N129.
Sources at the refinery confirmed the price cut, with one noting, “The refinery reduced its petrol price to N699 per litre.”
The move was also verified by Abubakar Garima, national president of the Independent Petroleum Marketers Association of Nigeria (IPMAN), who told TheCable, “The refinery reduced the price to N699 per litre and told marketers that we can start buying the product for the festive season.”
The new ex-depot price brings petrol close to the levels seen almost two years ago, reflecting the refinery’s commitment to keeping domestic prices attractive.
Aliko Dangote, president of the Dangote Group, emphasized that the refinery aims to remain competitive against imported petroleum products. “Prices are going down. The reason why prices have to go down is because we have to also compete with imports,” Dangote said. He added that both diesel and petrol “will continue to be sold in the market at a very reasonable price.”
The development follows a similar move by the Nigerian National Petroleum Company (NNPC) Limited, which on November 27 lowered its petrol price to N900 per litre in Lagos and N940 per litre in Abuja.
The price reduction by Dangote Refinery is expected to significantly ease fuel costs for consumers and help stabilize the market during the busy holiday period.
