Petrol Price May Fall Below ₦900 as Dangote Refinery Triggers Shockwaves
By:IDNN Business Desk
Petrol prices may finally drop below ₦900 per litre nationwide, as the Dangote Refinery’s latest price adjustment sets off a fresh wave of optimism and disruption in Nigeria’s downstream oil market.
On Monday, the 650,000-bpd Dangote Refinery announced a ₦10 refund on its ₦835/litre premium motor spirit (PMS) price, effectively driving the cost to ₦825/litre for bulk buyers — a move that immediately reverberated through affiliated retail stations across the country.
According to statements by the Independent Petroleum Marketers Association of Nigeria (IPMAN) and the Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN), retail stations tied to Dangote — including MRS, AP, Heyden, and others — are expected to lower their pump prices to ₦900 or less by midweek.
“We would start selling our petrol at a new price of ₦900 per litre between Wednesday and Thursday,” a staff member at an MRS station in Abuja told DAILY POST.
In response, insiders at NNPC hinted that the state oil giant may also adjust its own rates between ₦880 and ₦900/litre — suggesting a broader market shift driven by competition and pressure from Dangote’s aggressive pricing.
The development follows a string of ex-depot cuts by Dangote since the April 9 renewal of its naira-for-crude deal with NNPC. Ex-depot prices dropped from ₦880 to ₦865, then ₦835, and most recently ₦825/litre.
IPMAN Secretary James Tor applauded the NNPC-Dangote synergy, saying it could stabilize Nigeria’s downstream sector.
PETROAN President Billy Gillis-Harry, while acknowledging the price cuts, warned of artificial volatility and urged regulatory oversight to prevent manipulative market dominance.
