In a move set to significantly impact Nigeria’s fuel market, Dangote Petroleum Refinery has announced an immediate N15 per litre reduction in petrol prices, dropping the pump price from N610 to N595 across all its distribution outlets. This strategic price cut, effective Monday, marks the refinery’s boldest move since beginning domestic fuel supply and increases pressure on competitors, including the state-owned NNPC.
Industry analysts confirm this is the single largest price reduction by any Nigerian fuel marketer in 2024, coming just weeks after the refinery achieved full-scale production. The new pricing applies to all 27 states where Dangote fuel is currently available, with plans to expand distribution nationwide by August.
Key Details of the Price Reduction
✔ New Price: N595/litre (from N610)
✔ Scope: All Dangote-affiliated stations nationwide
✔ Reason Cited: “Improved production efficiency and economies of scale”
Immediate Market Impact
► NNPC retail stations still selling at N617/litre
► Independent marketers expected to follow suit
► Transport operators pledge fare reductions
Why This Matters
► First major price drop since subsidy removal
► Could force NNPC to review pricing
► May ease inflation as transport costs decrease
What’s Next?
- NNPC’s expected response within 72 hours
- Potential fuel price war among marketers
- Closer monitoring of distribution logistics
