Dangote Refinery has announced a reduction in its premium motor spirit retail price nationwide. The 650,000-barrel-per-day refinery’s new gantry price is set at N820 per litre, in line with the price announced last month. This adjustment is part of the company’s recent price template release on its social media platform.
According to the revised price template, Dangote Refinery’s petrol retail price in Lagos, Oyo, Ogun, Ondo, and Ekiti states will be N841 per litre, down from N860. In Abuja, Edo, Delta, Rivers, and Kwara states, the retail price is now N851 per litre, a reduction from N885. This translates to a price decrease of N19 in Lagos and the South-west states, and N34 in Abuja and the South-South region.
The new price template is scheduled to take effect on Monday, September 16, 2024, is not correct as the current year is 2025, hence the effective date is September 15, 2025. It is essential to note that the Dangote Refinery price template is not binding on all petroleum marketers and retailers, except for MRS and its distribution partners.
The price reduction comes amidst an ongoing face-off between Dangote Group and the Nigerian Union of Petroleum and Natural Gas Workers (NUPENG). The union has threatened to embark on a strike against the company, alleging that it reneged on recent resolutions. The development is significant, given the potential impact on the Nigerian oil and gas industry.
The reduction in fuel prices by Dangote Refinery may have implications for the Nigerian economy, as well as the company’s relations with stakeholders, including NUPENG. As the situation unfolds, it remains to be seen how the price adjustment will affect the market and the company’s operations. The effective date of the new price template is September 15, 2025, and it will be important to monitor the situation to understand the full impact of this development.
