News Update
THE price competition within the downstream oil sector persisted on Thursday as the Dangote Refinery discreetly implemented a price reduction at its loading gantry, lowering the cost of petrol loading from N825 to N815 per litre.
This marks the third time in 2025 that the Dangote Refinery has reduced the loading cost of petrol, following previous adjustments on February 1 and February 26.
The new pricing structure introduced on Thursday was reportedly met with enthusiasm by oil marketers, who consequently chose to bypass private depot owners and began sourcing their products directly from the refinery.
This N10 reduction in price is also expected to elicit a competitive response from private fuel depots, which may lower their prices to retain their market share.
On Tuesday, the landing cost of imported petrol in Nigeria decreased to N774.72 per litre, with industry analysts suggesting that the ongoing decline in prices could result in a reduction of pump prices to approximately N800 per litre.
The overall cost, which encompasses various expenses such as shipping, import duties, and exchange rate fluctuations, has led retail marketers to favour importation over sourcing products from the Dangote Refinery.
It was speculated that the landing cost could potentially reduce the pump price to N800 per litre, a factor that may have influenced the refinery’s decision to implement a recent price reduction.
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In response to this development, depots in Lagos have begun adjusting their prices, with selling rates now ranging between N820 and N839 per litre to align with the refinery’s revised pricing.
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