Dangote Refinery cuts petrol price to N970/L amid market concerns

In a bid to address market concerns and foster stronger relationships with fuel marketers, the Dangote Group has announced a reduction in the price of its Premium Motor Spirit (PMS) to N970 per liter, down from the previous price of N990 per liter.

Anthony Chiejina, the Group’s Chief Branding and Communications Officer, disclosed this in a statement on Sunday, emphasizing the company’s commitment to quality and sustainability while appreciating stakeholders’ support.

Chiejina highlighted that the price cut serves as a gesture of gratitude to Nigerians and the government, acknowledging their pivotal role in the success of the Dangote Petroleum Refinery.

“As the year comes to an end, this is our way of appreciating the good people of Nigeria for their unwavering support in making the refinery a reality. We also thank the government for its support, as this measure complements ongoing efforts to promote domestic enterprise for collective well-being,” he said.

Despite the price adjustment, Chiejina reassured consumers that the refinery remains committed to delivering high-quality, environmentally friendly products. “We are determined to ramp up production to meet and surpass domestic fuel demand, dispelling fears of supply shortages,” he added.

The price cut comes amid growing tension between the Dangote Refinery and some petroleum marketers over pricing strategies. The Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN) has previously accused the refinery of charging a premium for petrol, asserting that imports could be sourced at a lower cost.

In response, Dangote Refinery has defended its pricing, attributing lower import prices in some quarters to questionable practices such as oil theft or compromised product quality.

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Meanwhile, the Independent Petroleum Marketers Association of Nigeria (IPMAN) has struck a deal with Dangote Refinery to lift petroleum products directly from its facility, signaling improved collaboration.

Market analysts view the reduction as a strategic move to address marketers’ grievances while reinforcing the refinery’s position as a reliable supplier. The N20-per-liter discount is expected to alleviate pricing disputes and enhance market stability.

The development underscores the refinery’s broader goal of meeting Nigeria’s energy needs, reducing dependence on fuel imports, and fostering a sustainable domestic energy ecosystem.