Dangote Slashes Petrol Price to ₦890 as Port Harcourt, Warri Refineries Begin Loading to Retailers

By Dansu Peter  In a major development for Nigeria's petroleum sector, the Dangote Petroleum Refinery has announced a reduction in its e...

By Dansu Peter 

In a major development for Nigeria's petroleum sector, the Dangote Petroleum Refinery has announced a reduction in its ex-depot price of petrol, slashing it from ₦950 to ₦890 per litre. This move comes barely three weeks after the company increased its petrol loading price, signaling a shift in response to market dynamics.  

The price adjustment, which takes effect immediately from Saturday, February 1, 2025, was disclosed in a statement signed by the Group Chief Branding and Communications Officer, Anthony Chiejina. According to Dangote, the decision reflects positive trends in the global energy and gas markets, alongside a recent drop in international crude oil prices. Brent crude, the global benchmark, fell to $77.48 per barrel on Friday, marking a $4 decline from its early January price of $81 per barrel.  

Meanwhile, fresh momentum is building in Nigeria’s state-owned refineries as the Petroleum Products Retail Outlet Owners Association (PETROAN) confirmed that loading activities have resumed at the Port Harcourt and Warri refineries. PETROAN spokesperson Joseph Obele revealed that retailers are now accessing supplies of dual-purpose kerosene, automotive gas oil (diesel), and premium motor spirit (petrol) from these facilities.  

This development follows the brief shutdown of the Port Harcourt refinery in December 2024, just weeks after its rehabilitation in November. Similarly, the Warri refinery, which resumed operations on December 30, 2024, had also experienced temporary inactivity. However, with the renewed loading of petroleum products, expectations of increased competition in the market are rising.  

Market analysts believe that the combined operations of Dangote Refinery and the revived state-owned refineries could lead to a further reduction in petrol prices. “The resurgence of these refineries has sparked intense competition, expected to drive down petroleum prices,” Obele noted. He also emphasized that the availability of locally refined products could eliminate the circulation of adulterated diesel and kerosene in the market.  

As Nigeria's refining capacity expands, industry stakeholders are watching closely to see how this renewed competition will impact pump prices across the country.