Latest Price Reduction Initiative
Dangote Petroleum Refinery and Petrochemicals has reduced Premium Motor Spirit (PMS) prices by N15 per litre across Nigeria. Effective immediately, Lagos residents will purchase petrol at N875 per litre, while other regions face slightly higher rates. South-West consumers will pay N885 per litre, North-West and North-Central regions N895, and South-East, South-South, North-East N905. These revised prices apply to major partners like MRS, Ardova, Heyden, Optima Energy, Techno Oil, and Hyde Energy. The refinery, with a capacity of 650,000 barrels per day, announced this reduction via its official X handle.
Ongoing Commitment to Affordability
This marks the third price cut in recent months, easing consumer burdens amid currency volatility and import costs. Since February 2025, Dangote has lowered petrol prices by N140 per litre through reductions of N125 and N45. Diesel and Liquefied Petroleum Gas (LPG) prices have also decreased, improving affordability for transportation, industrial, and domestic sectors. High-quality petrol and diesel from Dangote are refined to enhance engine performance and promote environmental sustainability across Nigeria. The refinery aligns with President Tinubu’s Renewed Hope Agenda, prioritizing local production to strengthen Nigeria’s economic resilience.
Market Dynamics and Challenges
Despite price cuts, some retail outlets maintain higher prices due to transportation costs and supply chain inefficiencies nationwide. Independent Petroleum Marketers Association (IPMAN) members sell below Dangote’s rates, with prices as low as N860–N870 in Lagos. IPMAN’s National President, Abubakar Shettima, attributes lower prices to direct sourcing, bypassing intermediaries to reduce cost inefficiencies. Regional demand-supply imbalances and logistical challenges contribute to pricing disparities, complicating uniform adoption of Dangote’s revised petrol prices. Shettima notes IPMAN’s quick sales and restocking strategy supports price stability and improves petrol availability across Nigeria’s regions.
Strategic Partnerships and Future Outlook
Dangote calls on marketers to join its expanding network, supporting President Tinubu’s Nigeria First policy for local goods. The Naira-for-Crude Initiative enables consistent price reductions, for which Dangote expresses gratitude to President Tinubu’s administration. Anthony Chiejina, Group Chief Branding Officer, reaffirms Dangote’s commitment to affordable, high-quality petrol for all Nigerian consumers. The refinery’s efforts contribute to energy security, foreign exchange savings, and economic stability despite global crude oil fluctuations. Dangote remains a pivotal force in advancing Nigeria’s energy affordability and economic resilience through strategic cost-reduction initiatives.
Reference: orientalNews TheGuardian