Importers Raises Concern as Dangote Refinery Reduces Petrol Price to ₦860 Per Litre

Concerns have been voiced by petroleum product importers regarding the Dangote Petroleum Refinery’s frequent price cuts.

Some of the importers stated that since customers would only purchase from places where petrol is less expensive, dealers could be forced to sell below their cost pricing.

The Dangote refinery announced a reduction in the ex-depot (gantry) price of petrol by N65, from N890 to N825 per litre, effective from today, February 27.

Although the importation of the commodity has dropped, some dealers still import refined petroleum products. This was confirmed by the Nigerian Midstream and Downstream Petroleum Regulatory Authority last week after it stated that about 50 per cent of domestic fuel supply comes from imports.

In an earlier press statement by Dangote, MRS stations will sell at ₦880 per litre in the North and ₦890 per litre in the South-South and South-East, respectively.

According to the statement, buyers in Lagos would purchase fuel at ₦860 per litre at MRS outlets under the new arrangement.

“For MRS Holdings stations, it will sell for ₦860 per litre in Lagos, ₦870 per litre in the South-West, ₦880 per litre in the North, and ₦890 per litre in the South-South and South-East, respectively,” the management said.

“The same product will also be available at the following prices in AP (Ardova Petroleum) and Heyden stations: ₦865 per litre in Lagos, ₦875 per litre in the South-West, ₦885 per litre in the North, and ₦895 per litre in the South-South and South-East.”

The company assured the public of a consistent supply of petroleum products, with sufficient reserves to meet domestic demand, as well as a surplus for export to enhance the country’s foreign exchange earnings.

Dangote urged marketers to support this initiative, ensuring that Nigerians remain the primary beneficiaries of this effort.

By easing the financial strain on the Nigerian people, the price adjustment was intended to promote President Bola Ahmed Tinubu’s economic recovery strategy and give much-needed respite to Nigerians in the lead-up to Ramadan.