Dangote cuts petrol price to ₦899 per litre, impacting importers
Dangote Refinery has slashed petrol prices to as low as ₦899 per litre for purchases of two million litres, as part of efforts to stabilize the market and improve supply to marketers.
The new pricing structure offers petrol at ₦899.50 per litre for cash purchases of two million litres, with an additional two million litres available on a 15-day bank guarantee from Access, Zenith, and First Bank. For larger volumes, marketers can purchase 10 million litres at ₦895 per litre under similar bank guarantee terms.
This price cut follows the refinery’s November reduction, when it lowered the price of Premium Motor Spirit (PMS) to ₦970 per litre from ₦990, offering a ₦20 per litre discount to help with distribution costs.
The latest adjustment comes as Nigeria’s energy sector faces ongoing challenges with fuel availability and affordability.
While the price cut is expected to ease cost pressures for independent marketers and consumers, it poses difficulties for fuel importers who face losses due to previously ordered fuel based on higher retail prices.
Proofreading by Uchechi Ojo, Sub-editor at NeptunePrime.
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