As the Dangote Petroleum Refinery dropped its petrol gantry price on Friday, the Crude Oil Refineries Association of Nigeria has appealed to President Bola Tinubu to supply more crude to local refineries to make fuel more affordable for the masses.
Saturday PUNCH reports that the Dangote refinery cut the gantry price of Premium Motor Spirit (petrol) from N828 to N699 per litre. This is coming a few days after the company promised Nigerians that it would supply enough fuel to avoid queues in filling stations during the Yuletide season.
Marketers who spoke anonymously to one of our correspondents observed that the latest price drop could bring the pump price of petrol to as low as N750/litre, the lowest since the country fully deregulated the petroleum sector in 2024.
They described the latest price reduction by Dangote as a “shocker” to the marketers who still import PMS. Recall that depot owners have once accused Dangote of slashing petrol prices the moment he noticed that their vessels were arriving in Nigeria According to Petroleumprice.ng, while Dangote dropped its ex-depot price to N699, other traders still retain prices above N800/litre. The Vice President of the Independent Petroleum Marketers Association of Nigeria, Hammed Fashola, also confirmed the cut on Friday. “Confirmed,” Fashola said in response to a message seeking confirmation from IPMAN.
Officials of the Dangote refinery confirmed the development unofficially. It was gathered that some marketers once reported the 650,000-barrel-per-day Dangote refinery to the regulator, saying it has no power to impose price reductions on filling stations. As a result, the refinery has since tried to refrain from being seen as a price dictator.
Reacting on Friday, the Crude Oil Refineries Association of Nigeria commended the Dangote Petroleum Refinery for its recent milestone in ramping up domestic refining of PMS and effecting a significant reduction in the ex-depot price of petrol.
According to CORAN, this achievement, coming at a time when Nigerians are preparing for the Yuletide season, offers much-needed relief to households and businesses across the country.
In a statement by its spokesman, Eche Idoko, CORAN noted with pride that the Dangote refinery “continues to blaze the trail in Nigeria’s refining landscape”. The recent price slash, it was said, demonstrates not only operational excellence but also the refinery’s commitment to easing the economic burden high fuel costs have imposed on Nigerians.
“Achieving this at such a critical time further underscores the refinery’s heart for the Nigerian people. As an active member of the Association, CORAN particularly celebrates the Chairman of the Dangote Group, Alhaji Aliko Dangote, and the entire management and staff of the refinery for this laudable feat. Their resilience, innovation, and dedication continue to set the pace for the nation’s refining vision,” the statement read partly