By Obinna Uballa
Dangote Refinery has reduced the ex-depot price of petrol, by N49 per litre, bringing the new gantry price to N828 from the previous N877. The adjustment, which took effect on Friday, is the refinery’s second major price review in three months.
The price change comes as the domestic fuel market continues to navigate fluctuating global oil prices, rising operational costs and tight supply margins. Marketers confirmed the reduction, noting that it could help ease pump prices in the coming days, depending on how quickly depot operators adjust to the new benchmark.
“Dangote has reduced gantry price from N877 per litre to N828 per litre,” a marketer said on Friday.
The Major Energies Marketers Association of Nigeria (MEMAN) also confirmed the new pricing in its latest daily energy bulletin.
However, findings showed that while MRS Oil moved to sell petrol at N870 per litre at the depot, other major depots are yet to reflect the reduction, leaving retail pump prices largely unchanged across many states.
Market data indicated a slight decline in the 30-day moving average price of petrol, which now stands at N824.10 per litre after accounting for freight, insurance, port charges and financing. Spot market prices remain slightly higher than Dangote’s new ex-depot rate, with ASPAM and NPSC–NOJ cargoes quoted at approximately N831 per litre.
While petrol prices eased, diesel and aviation fuel continued to rise. Diesel now sells for N950 per litre at the refinery gantry, while aviation fuel is priced at N1,025.77 per litre. Diesel depot prices across Lagos, Warri and Port Harcourt surged from an average of N919 per litre last week to N983 per litre nationwide, according to a market survey by Petroleumprice.ng.
Liquefied Petroleum Gas (LPG), however, remains stable at N15,000 per metric tonne ex-gantry, offering some relief to households and small businesses reliant on cooking gas.
Commenting on the development, the Chief Executive Officer of Petroleumprice.ng, Olatide Jeremiah, said the reduction demonstrates the refinery’s intention to stabilise the domestic fuel market.
“This 5 per cent reduction is a welcome development. It gives Nigerians confidence that the refinery is committed to ensuring availability and affordability of petroleum products, especially amid the ongoing 15 per cent tariff debate in the power sector,” he said.
