Dangote Announces Plan to Slash Petrol Price Further as Experts Predict New Cost

• The Dangote Petroleum Refinery has announced plans to continue reducing petrol prices to benefit the general public, despite concerns from marketers that these frequent price cuts disrupt the market
• In response to these concerns, Dangote spokesperson Mr. Anthony Chiejina emphasised that the refinery's focus is on serving the wider Nigerian population, not a select few corporate interests
• Recently, the refinery lowered its fuel price again, leading the Nigerian National Petroleum Company to reduce its retail price in Abuja, while other fuel marketers adjust their prices to remain competitive

Legit.ng journalist Zainab Iwayemi has 5-year-experience covering the Economy, Technology, and Capital Market.

In order to help more than 200 million Nigerians, the Dangote Petroleum Refinery has stated that it will keep lowering the price of petrol.

In a phone conversation yesterday, the company's spokesperson, Mr. Anthony Chiejina, informed The Sun.

To the detriment of Nigerians, he said, the company will not appease a few downstream corporate interests.

On the complaints by marketers that the frequent drop in petrol prices by Dangote Refinery was disrupting the market, Chiejina said: “Which is better, to do good or evil?”

According to the Dangote spokesperson, a select few have long dominated the market and should take the brunt of the consequences now that the game is finished.

He insisted that the general Nigerian public, not a select few, is the target of the Dangote Refinery.

He promised that the refinery would keep lowering rates to reflect the state of the market. For the second time in two weeks, the Dangote Refinery cut the price of its fuel two days ago, from N840 to N820 per liter.

The Nigerian National Petroleum Company Limited was compelled by the development to lower the price of its retail petrol in Abuja to N910 per liter.

Similarly, MRS Filling Station, a retail partner of Dangote Refinery, recently raised the price of gasoline to N895 per liter in Lagos State and N905 per liter in Abuja.

Fuel marketers are forming strategic partnerships in response to the increasing pressures of volatile petrol prices, particularly from Dangote, in order to reduce losses, ensure the viability of their businesses, and preserve consistent product delivery throughout the nation.

Plans to build extensive fuel storage facilities in Namibia, with a minimum capacity of 1.6 million barrels of petrol and diesel, have been started by the Dangote Petroleum Refinery.

The refinery has begun these plans as part of its larger goal to provide refined petroleum products to key Southern African markets, thereby increasing its presence outside Nigeria.

This move highlights the refinery's ambition to control the fuel supply across Africa and beyond, potentially altering regional energy trade patterns and improving southern African countries' access to refined goods.

Petrol price may drop below N800/litre

Legit.ng reported that energy experts are optimistic that the 650,000 bpd-capacity Dangote Refinery may cut petrol prices again to or below N800 per litre, marking a third cut in over a week.

According to them, a sharp drop in global crude prices and stiff competition from private depots are forcing Dangote Refinery into a tight corner.

Industry watchers now expect Africa’s largest refinery to review its PMS prices for the 12th time in 2025, with a potential slash below N800 per litre possibly in the offing.

Source: Legit.ng