Dangote, Another Depot Owner, Reduce Petrol Price As Petrol Landing Cost Drops

• The fuel price at Dangote Petroleum Refinery has been silently reduced despite the democracy holiday period
• New data shows that on Thursday, Dangote, along with another depot owner, decided to slash their prices
• The average cost of imported petrol has also dropped, according to information from the Major Energies Marketers Association of Nigeria

Legit.ng journalist Dave Ibemere has over a decade of experience in business journalism, with in-depth knowledge of the Nigerian economy, stocks, and general market trends.

The Dangote Petroleum Refinery and Ranoil Lagos have quietly reduced the price of petrol at their depots as Nigerians observed the democracy day public holiday.

According to new market data from Petroluemprice.ng reviewed on Thursday, June 12, the Dangote refinery slashed its price to N827.

This is a 0.06% change when compared to the previous petrol price of N828 per litre and the earlier price of N835 per litre.

Rainoil in Lagos also made a significant price adjustment, increasing its petrol price by N20 from the previous rate of N830 to N850 per litre.

Also, new data from the Major Energies Marketers Association of Nigeria (MEMAN) shows that the average petrol landing cost has declined in 30 days to N894 per litre.

While the price changes are not expected to have an immediate impact on petrol prices at filling stations, the development could pave the way for further relief at the pump if the trend continues.

Petrol price prediction

The reduction comes at a time when petrol retail outlet owners are grappling with financial losses due to unpredictable and volatile costs.

The Managing Director of Financial Derivatives Company Limited, Bismarck Rewane, has predicted that filling stations in Nigeria are expected to lower their petrol prices in June and July in response to shifting market dynamics and a stronger naira.

He noted that petrol could drop to N845 per litre, while diesel may trade at around N950 per litre in its outlook for June and July.

The forecast follows a modest but steady appreciation of the naira and growing competition in the downstream oil sector.

Fuel price in Nigeria

Pump prices remain largely unchanged at filling stations across the country, with Dangote Refinery partners Ardova, MRS, Heyden, Optima Energy, Techno Oil and Hyde Plc selling fuel at prices ranging from N875 to N905 per litre.

Meanwhile, retail stations operated by the Nigerian National Petroleum Company Limited (NNPCL) have reduced their petrol pump price to N870 per litre.

Publicity Secretary of the Independent Petroleum Marketers Association of Nigeria (IPMAN), Chinedu Ukadike, said the Dangote Petroleum Refinery should be selling Premium Motor Spirit (petrol) at a lower price.

Ukadike noted that although the current pump price is cheaper than what is obtainable in other West African countries, petrol should be significantly more affordable in Nigeria, ideally selling for about N750 per litre.

Dangote refinery imports more crude oil from US

Earlier, Legit.ng reported that Dangote Refinery has increased its imports of US crude oil this year.

The refinery’s reliance on imported crude for production underscores Nigeria’s ongoing oil production struggle despite various promises and the naira for crude policy.

Dangote refinery has sourced about one-third of its crude from the US in 2025.

Source: Legit.ng