Dangote Refinery has reaffirmed that its petrol price remains at N699 per litre, amidst a decline in retail prices at filling stations in Abuja. The company announced on its social media platform that the product is available for pickup by petroleum marketers. This move is expected to influence the pricing strategy of private depot owners, who have already reduced their prices to between N703 and N800 per litre.
The 650,000 barrel-per-day refinery had initially reduced its gantry petrol price by N129, from N828 to N699 per litre, last week. This reduction has triggered a price cut among private depot owners, with retail prices dropping to between N739 and N912 per litre at filling stations in Abuja. The Independent Petroleum Marketers Association of Nigeria (IPMAN) has welcomed the development, with its President, Abubakar Maigandi, urging members to patronize Dangote Refinery.
The partnership between Dangote Refinery and IPMAN is expected to commence in January 2026, with the refinery agreeing to supply petroleum products directly to registered IPMAN members and offer free delivery to their filling stations nationwide. This agreement is likely to enhance the distribution network of Dangote Refinery and increase access to petroleum products for consumers.
The reaffirmation of the petrol price by Dangote Refinery is significant, as it indicates the company’s commitment to providing affordable fuel to consumers. The move is also expected to promote competition among private depot owners, leading to a further reduction in retail prices. As the Nigerian petroleum industry continues to evolve, the partnership between Dangote Refinery and IPMAN is poised to play a crucial role in shaping the market dynamics.
With the retail price of petrol continuing to fluctuate, the confirmation of the N699 per litre price by Dangote Refinery provides a sense of stability for consumers. The company’s decision to maintain its price is likely to influence the pricing strategy of other industry players, ultimately benefiting consumers. As the Nigerian government continues to implement policies aimed at liberalizing the petroleum industry, the role of private sector players like Dangote Refinery is becoming increasingly important in determining the direction of the market.