Tag: Petrol

The Dangote Petroleum Refinery has increased its ex-depot price for Premium Motor Spirit (petrol) to ₦1,175 per litre, reversing the price reduction it introduced earlier in the week. Sources at the refinery confirmed on Friday that the adjustment came only days after the facility slashed the ex-depot price by ₦100 to ₦1,075 per litre on March 10, 2026, a move that triggered a rush among depot operators to purchase the product. Following the earlier reduction, several depot operators had begun selling petrol at an average of about ₦1,100 per litre. However, the refinery’s latest increase forced many of them to suspend sales temporarily while they reassess their pricing and inventory. Loading activities at the refinery have also been halted for the time being as the company reconciles its stock levels and aligns operations with the new price structure, a situation that has disrupted supply at depot level. Industry sources attribute the fresh price increase to a surge in global crude oil prices. Brent crude reportedly rose from about $91 to $100 per barrel, significantly raising the cost of refining and limiting the refinery’s ability to sustain lower petrol prices. The latest adjustment is one of several price changes made by the Dangote Refinery in recent weeks as operators respond to fluctuations in the global oil market. Before the brief March 10 reduction, the refinery had already increased petrol prices three consecutive times. The temporary price cut provided short-lived relief before the latest upward review driven by rising crude oil costs and ongoing tensions in the Middle East involving the United States, Iran and Israel.

Aliko Dangote, Founder and President of Dangote Group, has announced that petrol prices will drop to ₦739 per litre across Nigeria, with the initial implementation set for MRS stations in Lagos starting Tuesday. At a press briefing at the Lekki Refinery on Sunday, Dangote revealed that the refinery had earlier reduced its gantry price from ₦828 to ₦699 per litre. He assured the public that the new ₦739 per litre pump price would be strictly enforced and criticised attempts to manipulate fuel prices. “From Tuesday, MRS will sell petrol at ₦739 per litre. We will ensure this price is implemented. Anyone with trucks can purchase at ₦699. Those trying to maintain high prices to sabotage the government, we will resist. ₦970 per litre is not acceptable,” Dangote told journalists. He noted that some filling stations were deliberately keeping prices high despite the reduction. “I was told marketers were advised to maintain high prices, but with this initiative at MRS stations, particularly in Lagos, the ₦970 per litre rate will no longer exist,” he said. Dangote encouraged members of the Independent Petroleum Marketers Association of Nigeria (IPMAN) and other buyers to purchase fuel at the lower gantry price. “We have invited anyone who can buy 10 trucks to do so at ₦699. Using all available resources, we aim to reduce prices nationwide. Within a week to 10 days, delivery will be possible, and for December and January, petrol should not sell above ₦740 per litre,” he added. He also questioned the steep pump prices, pointing out that transporting petrol from the refinery costs no more than ₦15 per litre. “Freight within Lagos is only ₦10 to ₦15, which should bring the price to about ₦715. Selling at ₦900 is unjustifiable. Consumers should get the real price,” he said. Dangote further criticised the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) for issuing 47 import licences for over 7.5 billion litres of petrol for the first quarter of 2026, arguing that it discourages local investment and threatens modular refineries. “These modular refineries are nearly collapsing, and none of them is profitable,” he warned.

The Dangote Petroleum Refinery has reduced its petrol gantry price again, bringing the ex-depot rate down from N828 to N699 per litre. Data from Petroleumprice.ng on Friday showed that the refinery cut the Premium Motor Spirit benchmark by N129 per litre, a 15.58 per cent reduction. An anonymous refinery official confirmed the move to PUNCH Online, saying, “The refinery has reduced petrol gantry price to N699 per litre.” The new rate, effective December 11, 2025, marks the 20th petrol price adjustment by the refinery this year. The reduction comes shortly after Chairman Aliko Dangote reaffirmed his commitment to keeping domestic fuel prices “reasonable and competitive,” despite global price fluctuations and ongoing smuggling along Nigeria’s borders. Dangote, speaking after a closed-door meeting with President Bola Tinubu on December 6, explained that the price drop is part of efforts to compete with imported fuel. He noted that while smuggling has lessened, it remains an issue because Nigerian fuel costs about 55 per cent less than in neighboring countries. He added that petroleum products would continue to be sold at fair prices, stressing that the $20 billion refinery is a long-term investment. Following the Dangote refinery’s adjustment, several private depots also lowered their prices. Sigmund Depot reduced its ex-depot price by N4 to N824 per litre, Bulk Strategic cut N3, and TechnoOil implemented a N15 drop. Other depots, including A.A. Rano, NIPCO, and Aiteo, made slight reductions in response to the new pricing benchmark.