Dangote Refinery Cuts Petrol Gantry Price to ₦825 per Litre

As a result, petrol prices in Lagos have dropped to around ₦860 per liter, reflecting a shift towards market-driven pricing dynamics….

The Dangote Refinery has reduced its petrol gantry price to ₦825 per litre, intensifying competition in Nigeria’s downstream oil sector. 

This strategic price cut aims to provide economic relief to Nigerians and support President Bola Tinubu’s economic recovery policies.

The price reduction has prompted the Nigerian National Petroleum Company (NNPC) to lower its own prices to remain competitive. 

As a result, petrol prices in Lagos have dropped to around ₦860 per litre, reflecting a shift towards market-driven pricing dynamics.

Industry analysts note that the combination of declining global oil prices and the removal of government fuel subsidies has led to increased competition among oil marketers, benefiting consumers. 

However, some experts caution that Dangote’s growing market influence could lead to monopolistic practices if not properly regulated.

The Dangote Refinery’s actions mark a significant development in Nigeria’s energy sector, signaling a move towards a more competitive and transparent market environment.