Dangote Refinery Slashes Petrol Price to N1,250, Marketers Brace for Impact
By Aboki Forex —
Dangote Petroleum Refinery has reduced its ex-depot petrol price to N1,250 per litre, a move widely expected by fuel marketers amid falling global crude oil prices. The new price is N25 lower than the previous N1,275 per litre, making the refinery the cheapest source of petrol for marketers once again.
The price cut was confirmed on Friday, May 29. It is expected to trigger immediate changes at private depots and across the fuel marketing chain.
Depot Prices Already Adjusting
According to Petroleumprice.ng, depot operators had already begun positioning ahead of the announcement. Many marketers delayed purchases last week, anticipating a price drop. On Friday, petrol at private depots like Aiteo and Nipco sold for N1,272 per litre. Other depots including Integrated Energy, Ascon Oil, and African Terminal sold at an estimated N1,274 per litre, slightly below Dangote's previous price.
In the coming week, depot prices are expected to shift again to remain competitive with Dangote's new rate.
Crude Oil Decline Drives Move
The reduction is directly linked to the decline in international crude oil prices. Brent crude fell by 1.70% to $91.12 per barrel, while US West Texas Intermediate dropped 1.73% to $87.36 on Friday. Industry stakeholders say if crude prices continue to fall, further reductions at private depots are likely in the coming days, easing pressure on downstream costs.
Dangote’s Growing Influence
Since starting operations, Dangote Refinery has become a major force in Nigeria's fuel market. Its pricing decisions now shape what Nigerians pay at filling stations and influence depot pricing patterns. Market analysts say this latest cut reinforces the refinery's role in determining domestic petrol pricing, especially as marketers and depot operators closely watch its strategy.
Earlier, Legit.ng reported that NNPC retail outlets had also reduced petrol prices. In Lagos, petrol now sells for N1,255 per litre, down from N1,330. In Abuja, the price dropped to N1,295 per litre from N1,361. Those changes came three days after Dangote had previously reduced its gantry price by N85 to N1,200 per litre.
Source: Legit.ng