Goodbye N950/Litre: The New Price for Dangote Petrol Revealed

According to report from Business Day Newspaper on Friday, September 20, A significant transformation is occurring in Nigeria’s petroleum market as major oil marketers, including 11 Plc, Total Energies, and AA Rano, begin sourcing petrol from the Dangote Refinery. These marketers are now purchasing petrol at N765.99 per litre, a substantial reduction from previous prices that often exceeded N950.

The Dangote Refinery, Africa’s largest with a capacity of 650,000 barrels per day, aims to decrease Nigeria’s dependence on imported fuel. This shift is expected to enhance fuel availability and stabilize prices across the country. However, independent marketers currently cannot purchase petrol directly from Dangote due to regulatory constraints; the Nigerian National Petroleum Company (NNPC) remains the exclusive offtaker.

Despite the new pricing, concerns about competition and transparency persist. The Independent Petroleum Marketers Association of Nigeria has called for fair pricing strategies to ensure that domestically produced petrol serves as a viable alternative to imports.