BREAKING: Dangote Refinery Discloses New Petrol Prices Amid Market Scrutiny

Dangote Refinery has announced its petrol pricing, setting rates at ₦960 per litre for ship deliveries and ₦990 per litre for truck supplies.

In a statement by Group Chief Branding and Communications Officer, Anthony Chiejina, the refinery underscored its commitment to quality and transparency, warning that any petrol available at a lower price may be of substandard quality.

“Following deregulation, NNPC initially sold PMS to domestic marketers at ₦971 per litre for ship sales and ₦990 per litre for truck sales,” the statement read. “To remain competitive, we have set our pricing at ₦960 per litre for ship sales while maintaining ₦990 per litre for truck deliveries.”

The announcement comes in response to claims by some fuel marketers that imported petrol could be sold at cheaper rates. Addressing these assertions, Dangote Refinery highlighted concerns over the quality of such imports, suggesting that any fuel priced significantly lower might fail to meet the necessary standards.

“We benchmark our prices against international standards. If anyone claims to sell PMS cheaper, they may be importing substandard products and working with international traders to dump low-quality fuel in Nigeria, disregarding the health of Nigerians and the longevity of their vehicles,” the statement continued.

The refinery also pointed out potential regulatory lapses, noting that the Nigerian Midstream and Downstream Petroleum Regulatory Authority lacks the laboratory infrastructure to assess imported fuel quality accurately, potentially leaving room for lower-quality imports to enter the market.

Defending its pricing, Dangote Refinery emphasized that its strategy aligns with global best practices, further stressing the importance of supporting domestic refining capabilities. The statement referenced protective measures taken by the U.S. and Europe for industries like electric vehicles and microchips to stimulate local job creation and economic growth.

“Countries worldwide protect their domestic industries to promote job creation and economic growth,” the statement added, underscoring that Dangote’s pricing model is both competitive and designed to ensure a consistent supply of high-quality, locally refined petrol.

The company also noted that these prices were set with an intent to stabilize the market, despite some uncertainties regarding the exchange rate that would apply to its crude purchases.