Dangote Petroleum Refinery on Thursday, March 13, 2025, further carried out a price reduction at its loading gantry, bringing down the loading cost of its petrol from N825 per litre to N815 per litre.
The new pricing structure introduced has received so much applause and commendation from oil marketers, who are now desirous of bypassing private depot owners to commence sourcing products directly from the refinery.
This was as the N10 price reduction is anticipated to introduce a competitive reaction from private fuel depots and the Nigerian National Petroleum Company Limited (NNPC Ltd), which would most likely adjust their prices downward to maintain their market position.
This is coming just as the landing cost of imported petrol into the country dropped to N774.72 per litre, with marketers predicting that the continued price plunge might lead to a reduction in the pump prices of petrol to about N800 per litre.
Already, dealers said the N774.72 per litre landing cost, which factors in various expenses, including shipping, import duties, and exchange rates, was a considerable reduction of N50.28 from the previous N825 per litre offered at the loading gantry of the Dangote Petroleum Refinery.
The development, it was gathered has ignited a price war, with retail marketers opting to dump the refinery products for imported products on the basis of lower pricing.
Speaking on the development, Chief Ukadike Chinedu, National Publicity Secretary of the Independent Marketers Association of Nigeria, said that crude oil is a major component in the production of fuel, adding that a further reduction in its price would definitely warrant a drop in petrol price.
Chinedu further said; “It is possible to drop to N800 per litre.
There is speculation that the price of imported products is now lower. That is the reason for the price war. 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 the price reduction,” he explained.
Accordingly, some private depot owners in Lagos have also reduced their loading costs to N825 per litre from N830 sold earlier this week
Meanwhile, the landing cost of petrol has increased to N803.35 per litre from N774.82 per litre indicating that it is still cheaper than the ex-depot price of Dangote Refinery’s petrol, according to the Major Energies Marketers Association of Nigeria.
