Dangote Reverses Petrol Price Hike, Unveils New Fuel Rate

According to Ireporter Online, the management of Dangote Refinery has reviewed its ex-depot petrol pricing, reversing the earlier adjustment that increased the rate by ₦75 per litre.

The refinery confirmed that the petrol price has been restored to ₦1,275 per litre at the loading gantry, instead of the previously announced ₦1,350. The decision effectively nullifies the earlier increment and reinstates the former pricing structure, bringing immediate relief to downstream marketers who had begun adjusting their operations in anticipation of higher costs.

Industry operators say the development has eased tensions in the market, where traders were already repositioning inventories following expectations of a new pricing regime. The earlier reported increase had been linked to fluctuations in global crude oil prices, foreign exchange volatility, and ongoing supply constraints affecting the deregulated downstream petroleum sector.

A source familiar with the development further confirmed that Dangote Refinery will maintain the ₦1,275 per litre price despite earlier reports suggesting an upward review. The clarification comes just hours after market speculation of a fresh hike triggered mixed reactions across the oil distribution chain.

In a related development, the Emir of Kano, Muhammadu Sanusi II, has raised concerns over Nigeria’s continued borrowing despite the removal of fuel subsidy. He noted that although reforms such as subsidy removal and exchange rate liberalisation were necessary, poor fiscal discipline and policy timing could undermine their intended benefits. Sanusi also criticised the country’s dependence on foreign refineries while domestic refining capacity remains underutilised.