Breaking: Dangote Crashes Petrol Price, Importers In Distress

In a major development for Nigeria’s energy sector, Dangote Refinery has announced a significant reduction in its petrol price, with rates dropping as low as N899.5 per litre for bulk purchases.

The reduction in the price of Dangote refinery’s petrol expected to bring petrol to less than N1,000 at the petrol stations was announced on Thursday.

Under the new pricing structure, marketers can purchase two million litres of petrol at N899.5 per litre for cash transactions. An additional two million litres will be available under a bank guarantee valid for 15 days, provided by Access Bank, Zenith Bank, and First Bank. For larger volumes, the refinery offers 10 million litres at N895 per litre, with an equivalent matching volume also accessible through a bank guarantee.

GWG.ng reports that this development follows a previous price adjustment in November, when Dangote Refinery reduced the price of Premium Motor Spirit (PMS) from N990 to N970 per litre. At that time, the company introduced a N20 per litre discount to help marketers manage distribution costs.

The latest price reduction comes at a crucial time for Nigeria’s energy sector, which has been grappling with challenges around fuel availability and affordability. Market analysts believe the adjustment will ease cost pressures on independent marketers and potentially provide some relief for consumers.

However, the price cut poses challenges for fuel importers who had made purchases based on higher retail prices and now face significant financial losses.
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