In a significant development for Nigeria’s energy sector, Dangote Refinery has announced a reduction in petrol prices, with rates now as low as ₦899 per litre for two million litres. This move is part of the refinery’s efforts to stabilize the market and improve supply to marketers.
Under the new pricing structure, petrol is available at ₦899.5 per litre for cash purchases of two million litres. An additional two million litres can be accessed on a 15-day bank guarantee from Access Bank, Zenith Bank, or First Bank. For larger volumes, marketers can purchase 10 million litres at ₦895 per litre, with matching quantities also available under the same bank guarantee terms.
This reduction follows a previous adjustment in November when the refinery lowered its Premium Motor Spirit (PMS) price from ₦990 to ₦970 per litre, offering marketers a ₦20 per litre discount to ease distribution costs.
The latest price adjustment comes at a crucial time for Nigeria’s energy sector, which continues to grapple with fuel availability and affordability challenges. Independent marketers are expected to benefit from the reduced cost, easing some of the financial pressures on them and, by extension, on consumers.
Market analysts believe this move by Dangote Refinery will help mitigate supply bottlenecks and stabilize retail prices across the country, providing much-needed relief in the current economic climate.