Dangote Refinery has cut its petrol price by ₦40 to ₦840 per litre, below the Nigerian National Petroleum Company Limited’s new pump price of ₦925 per litre in Lagos.
The adjustment reflects a recent decline in Brent crude oil by 1.54% from $68.67 on June 23 to $67.61 on Monday.
The refinery, which increased its petrol price to ₦880 just a week earlier, confirmed the new rate through its Group Chief Corporate Communications Officer, Anthony Chiejina, citing global price trends.
Dangote Group plans to begin direct distribution of petrol and diesel nationwide from August 15.
The company has purchased 4,000 CNG-powered tankers to support its delivery network with a reported investment of ₦720 billion.
Petroleum retail operators have raised concerns about the plan. The Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN) warned that Dangote’s control of supply and distribution could limit competition and threaten jobs across retail outlets.
The Major Energies Marketers Association of Nigeria (MEMAN) also requested details on how independent fuel marketers would be included in the new structure.
Dangote Group estimates the new distribution model could reduce national fuel costs by over ₦1.7 trillion annually by cutting middlemen.
The price cut intensifies pressure on state-owned NNPC as it tries to maintain retail margins in a high-cost environment.
Market analysts expect stronger competition in the downstream sector as Dangote’s integrated model expands nationwide in August.
