14
Mar
Mar
DANGOTE REFINERY CUTS PETROL PRICE AGAIN, FORCES MARKET ADJUSTMENT
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CapitalTimesNews / 3 weeks
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- 2 min read
Dangote Refinery has reduced its petrol loading price for the third time in 2025, lowering it from N825 to N815 per litre. This move has intensified competition in Nigeria’s downstream oil sector, with oil marketers responding swiftly by sourcing products directly from the refinery. “This is a welcome development,” said an independent marketer in Lagos. “It gives us a competitive edge and provides some relief to consumers.” Industry analysts predict that the N10 price drop may force private fuel depots to follow suit to maintain market share. Already, depot prices in Lagos have adjusted, now ranging between N820 and N839 per litre to stay competitive. The landing cost of imported petrol has also decreased, dropping to N774.72 per litre as of Tuesday. This trend has led to speculation that pump prices could fall to around N800 per litre, offering potential relief to consumers. A source within the industry noted, “If this trend continues, we might see further reductions in both depot and pump prices, bringing some stability to the market.” Chinedu Ukadike, spokesperson of the Independent Petroleum Marketers Association of Nigeria (IPMAN), confirmed the development, stating, “It is true. There is speculation that the price of importers’ products is now lower. That’s the reason for the price war.” Ukadike added, “It is the beauty of deregulation. Dangote has millions of litres and would not want any external force to take its market share. So, it would have forced price reduction.” Former Chairman of the Major Oil Marketers Association of Nigeria (MOMAN) Adetunji Oyebanji emphasized the importance of competition in the industry, stating, “The only way to ensure that prices remain at the lowest level is to ensure very robust competition in the industry.” Oyebanji noted, “Prices are being forced down because imports are still being allowed to determine actual landing costs of gasoline.”