Once more, Dangote Slashes Petrol Worth Amid Import Surplus

The Dangote Petroleum Refinery has introduced a recent discount within the pump costs of Premium Motor Spirit (petrol) throughout the nation, because the competitors within the downstream oil sector heightens.

The plant introduced that the brand new charges now vary from N875 to N905 per litre, relying on location. The brand new worth regime, which marks a N15 discount per litre throughout all areas and companion stores, was posted on the official social media deal with of Dangote refinery on Thursday.

It applies to all main gas entrepreneurs in partnership with the refinery, together with MRS, Ardova, Heyden, Optima Vitality, Techno Oil, and Hyde Vitality. In Abuja, Optima Vitality lowered its pump worth to N895 per litre as of 8:00 pm on Thursday.

The event follows renewed competitors between petrol importing entrepreneurs and the refinery to regulate market shares and dictate pricing.

This comes as a brand new report from Argus stated the refinery is awaiting 9 million barrels of US mild candy WTI for supply in June, in accordance with merchants, essentially the most for any month because it began up in early 2024.

It stated buying and selling agency Vitol bought three two-million-barrel shipments, and buying and selling agency Petraco bought one two-million-barrel cargo and a Suezmax-sized cargo. Just one two-million-barrel cargo of WTI has arrived at Dangote in Could so far, after three in April, in accordance with Vortexa.

On the worth of petrol, within the earlier pricing template, Lagos residents paid N890 per litre, whereas costs rose to N920 within the Northeast and South-South areas. With the brand new adjustment, Lagos residents will now pay N875, whereas these within the North-East and South-South pays N905 per litre.

A breakdown of the revised costs exhibits: Lagos, N875; South-West. N885; North-East. N905; North-West & Central, N895; South-South & South-East, N905.

The Dangote refinery urged customers to buy gas solely from its companion shops and inspired Nigerians to report non-compliance through its hotline: +234 7074702099 or +2347074702100.

“Our high quality petrol and diesel are refined for higher engine efficiency and are environmentally pleasant,” the corporate acknowledged within the discover. Our correspondent gathered that the brand new discount follows the return of a refund profit coverage provided to its prospects earlier this week.

The event comes hours after it was reported that impartial oil entrepreneurs resumed large-scale importation of petrol, as recent information exhibits that over 496.17 million litres of petrol have been introduced into the nation inside 9 days.

Findings utilizing the Tanker Place Report, a doc that tracks oil tankers’ motion and was obtained from Blue Sea Maritime by our correspondent on Monday, revealed that 370,000 metric tonnes of petrol have been discharged at varied depots. These merchandise berthed at sea ports between Could 11 and 20, 2025.

On Monday, the 650,000 Lekki-based facility stated the naira-for-crude deal allowed it to cut back the worth of petrol, which interprets to lowered prices on the pumps. That is whilst the corporate affirmed that the costs of petrol will stay inexpensive and secure.

The corporate stated that regardless of the fluctuations in international crude oil costs, it has persistently lowered the worth of petrol.

The corporate, in a launch signed by its Group Chief Branding and Communications Officer, Anthony Chiejina, stated the choice to keep up worth stability displays its unwavering dedication to supporting the Nigerian financial system and assuaging the burden on customers from the rise in gas costs by sustaining worth stability.

Entrepreneurs stated the abrupt change in worth has prompted extreme disruption to the system, with over 4,900 petrol retail outlet house owners shutting their companies and 1000’s of impartial entrepreneurs cutting down operations.

The Petroleum Merchandise Retail Shops Homeowners Affiliation of Nigeria stated over 70 per cent of its 7,000 stores have folded on account of unsustainable working situations. This represents the closure of 4,900 retail stations owned by members.

The President of the affiliation, Billy Gillis-Harry, in an interview with our correspondent, stated the problem was exacerbated by an absence of mortgage services from business banks.

He stated, “PETROAN has over 7,000 stores, and over 70 per cent of these shops are closed and are out of enterprise as we speak. And the reason being that we battle to take loans from the financial institution.”

In the meantime, the Argus report on Thursday stated the NNPC allotted six June-loading cargoes to Dangote, two of medium candy Escravos, and one every of sunshine candy grades Brass River, Bonny Gentle, Okwuibome and Yoho, for a most of 6 million barrels.

Market contributors anticipate NNPC to barely improve its official crude system costs for June provides, which ought to floor earlier than the top of Could. Even small will increase to official costs would erode the enchantment of Nigerian grades in contrast with WTI.