Dangote Reduces Petrol Price To N1,200 Per Liter

Marketers across Nigeria’s downstream oil sector are set to review their pricing template following a fresh adjustment by the Dangote Petroleum Refinery & Petrochemicals, which has lowered its gantry and coastal prices for Premium Motor Spirit.

The refinery cut its gantry price to N1,200 per litre and fixed its coastal price at N1,153 per litre, a move that could shift the balance between fuel importation and local sourcing in favour of domestic supply.

The development is expected to particularly impact independent marketers and depot owners, many of whom may now find it more cost-effective to source products locally rather than rely on imports, especially as global oil market volatility persists.

Confirming the adjustment, the company’s spokesperson, Anthony Chiejina, said the review aligns with current realities in the international oil market.

“Dangote Petroleum Refinery & Petrochemicals has reduced its gantry price for petrol to N1,200 per litre and its coastal price to N1,153 per litre, a move that comes amid ongoing tensions in the Middle East that continue to influence global oil markets.

“The adjustment marks a downward review in the refinery’s pricing structure and is expected to influence fuel supply costs across distribution channels, including depots and retail outlets,” Chiejina said.

Industry observers say the new gantry price is likely to prompt marketers to reassess their landing costs, particularly those shifting from importation to local sourcing. The reduction could improve margins and potentially ease pump prices if fully passed through to consumers.

In addition, the coastal price of N1,153 per litre is expected to support marine distribution, offering an alternative supply channel for marketers operating along Nigeria’s southern corridors and coastal depots.

The development comes at a time when geopolitical tensions in the Middle East continue to impact crude oil prices globally, adding uncertainty to fuel pricing dynamics.