Dangote Slashes Petrol Price to ₦774 to Edge Out Importers as Refinery Ends Bonus Scheme for Marketers

The battle for dominance in Nigeria’s deregulated fuel market has intensified as the Dangote Petroleum Refinery officially slashed its petrol price on Tuesday. In a move designed to “recalibrate” the market and fend off competition from cheaper imported fuel, the refinery dropped its gantry price from ₦799 to ₦774 per litre.

The ₦25 reduction, which took effect immediately on February 10, was communicated to petroleum marketers through a circular from the refinery’s Group Commercial Operations Department. The price cut comes at a critical moment when the Major Energies Marketers Association of Nigeria (MEMAN) reported that the landing cost of imported fuel had dropped significantly, threatening the refinery’s domestic market share.

“This is a strategic move to ensure that locally refined products remain the first choice for marketers,” said a senior energy analyst. “By dropping to ₦774, Dangote is sending a clear message to importers that the refinery is ready to fight for every litre sold in Nigeria.”

However, the price cut comes with a catch. The refinery also announced the official end of its “PMS lifting bonus” as of midnight Tuesday. The incentive, which previously offered volume-based discounts to large-scale buyers, has been scrapped in favor of a single, transparent price for all marketers.

While retail pump prices in cities like Abuja still hover between ₦870 and ₦905, the Independent Petroleum Marketers Association of Nigeria (IPMAN) has hinted that a nationwide retail drop is likely in the coming days. In Lagos, some independent stations have already begun adjusting their boards to as low as ₦815 in anticipation of cheaper supply.

As the 650,000-barrel-per-day plant ramps up production, this latest price adjustment signals a shift toward a more stable and competitive “State of Harmony” in Nigeria’s energy sector one where the consumer might finally start to see the benefits of domestic refining.