The Dangote Petroleum Refinery on Thursday announced a major price slash in premium motor spirit (petrol), cutting its ex-gantry rate to N699 per litre—a sharp N129 reduction from the previous N828.
Sources within the refinery confirmed the new price, describing the decision as part of an ongoing push to stabilise the domestic fuel market and outpace imported products.
“The refinery reduced its petrol price to N699 per litre,” one source said.
The National President of the Independent Petroleum Marketers Association of Nigeria (IPMAN), Abubakar Garima, also confirmed the development, noting that the refinery has already advised marketers to start lifting products at the revised rate ahead of the festive season.
“The refinery reduced the price to N699 per litre and told marketers that we can start buying the product for the festive season,” Garima stated.
The latest price cut marks one of the most significant reductions since the refinery began domestic supply and brings petrol costs closer to levels last recorded two years ago.
Dangote Group President, Aliko Dangote, had earlier assured Nigerians that the refinery would continue to push prices downward to remain competitive against imported fuel.
“Prices are going down. The reason why prices have to go down is because we have to also compete with imports,” he said, adding that both diesel and petrol would “continue to be sold in the market at a very reasonable price.”
This fresh reduction comes shortly after the Nigerian National Petroleum Company (NNPC) Limited slashed prices at its retail stations on 27 November, lowering petrol to N900 per litre in Lagos and N940 in Abuja.
With the two biggest suppliers—NNPC and Dangote Refinery—now driving prices downward, analysts say Nigerians may finally feel tangible relief at the pumps as the year-end festivities approach.
