On Thursday, April 17, Dangote Refinery announced it was cutting its petrol gantry price from N865 to N835 per litre. This move is already causing big waves across the country, and fuel marketers say it could cost them billions of naira.
Chinedu Ukadike, the spokesperson for the Independent Petroleum Marketers Association of Nigeria (IPMAN), spoke to DAILY POST on Thursday, April 17, sharing that many marketers with older, more expensive fuel stock will be forced to sell at a loss.
“It is a good development for Nigerians; however, marketers with the old price stock will have to lose billions of naira,” Ukadike said.
This latest N30 reduction is the second petrol price cut by Dangote Refinery in just eight days, following the renewal of the naira-for-crude oil deal on Wednesday, April 9.
According to Dangote Group’s spokesperson, Anthony Chiejiena, major petrol distributors — like MRS, AP (Ardova), Heyden, Optima Energy, Hyde, and Techno Oil — will now sell fuel at cheaper rates across Nigeria.
Here’s a breakdown of the new petrol prices across regions:
- Lagos: N890 (down from N920)
- South-West, North-West, North-Central: N900–N910 (down from N930–N940)
- South-East, South-South, North-East: N920 (down from N950)
Chiejiena explained that this move is meant to ease pressure on Nigerians and boost the economy.
“These price reductions reaffirm our commitment to providing high-quality petrol at affordable rates, benefiting consumers across the nation… We anticipate that this latest reduction in PMS prices will generate a positive ripple effect throughout various sectors of the economy,” he said.
The refinery’s recent price cuts — now totaling N45 per litre in just over a week — come as global crude prices drop and the naira-for-crude deal continues.
Still, not everyone is happy.
Billy Gillis-Harry, President of the Petroleum Retailers Outlets Owners Association of Nigeria (PETROAN), criticized the price cut and called for a six-month fuel price stability plan, saying sudden changes make planning hard for smaller fuel station owners.
Meanwhile, Dangote Petrol’s ex-depot price of N830 now sits below the fuel import landing cost, which stands at N845.70 per litre, based on Monday’s numbers from the Major Energies Marketers Association of Nigeria. On that day — Monday, April 14 — Brent crude was priced at $64.88 per barrel, with the naira-to-dollar exchange rate at N1,604.48.
That means Dangote Petrol is now cheaper than imported fuel, giving the refinery a big competitive edge in Nigeria’s oil and gas market.
As of Wednesday night, April 16, NNPC fuel stations were still selling at N950 per litre, and many are waiting to see if they’ll respond to the price drop.
Earlier this week, the head of the Nigerian Midstream and Downstream Petroleum Regulatory Authority revealed that fuel importation has dropped by 30 million litres, thanks to increased domestic supply from the Dangote Refinery.
