Dangote Reverses Petrol Price Hike, Announces New Price

The management of Dangote Refinery has reversed the ex-depot price of petrol from its facility to ₦1,275 instead of the ₦1,350.

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Dangote said the new declaration nullifies the previous price adjustment, which increased the price of petrol by ₦75.

The reversal reinstates the former pricing structure at the loading gantry, and alleviates immediate concerns among downstream marketers.

Industry operators report that this action has helped ease concerns across the market, where traders had already begun repositioning in anticipation of a higher pricing regime.

Naija News reports that this is coming hours after reports claim that the refinery had increased its petrol price by ₦75 amid fluctuations in global crude oil prices.

The steady rise in fuel cost is linked to global crude oil prices, foreign exchange pressure, and supply challenges, which has continued to affect pricing in the deregulated downstream sector.

Despite the fluctuations, a source confirmed to Tribune that Dangote Refinery will maintain its ₦1,275 per litre as against ₦1,350 earlier reported on Wednesday.

Meanwhile, the Emir of Kano, Muhammadu Sanusi II, has questioned the Federal Government’s continued reliance on borrowing despite the removal of the petrol subsidy.

Assessing Nigeria’s current fiscal trajectory, the monarch argued that while the removal of fuel subsidy and the liberalisation of the exchange rate were necessary, the timing and lack of fiscal discipline are threatening to erase the potential benefits.

Sanusi shared his reservations in an interview posted by News Central TV.

According to the monarch, Nigeria’s practice of supporting foreign refineries while its domestic refining capacity remained dormant was a systemic failure that needed to be addressed.