The Dangote Refinery has officially commenced the sale of petrol to oil marketers at a rate of N1,014.75 per litre, comprising N990 per litre plus a 2.5% variation charge.
This development comes as a surprise to many Nigerians, who had anticipated lower prices following a recent “crude-for-naira” deal aimed at enhancing affordability.
The shift in pricing follows the Nigerian National Petroleum Company Ltd (NNPC) stepping back from its exclusive purchasing rights, opening the market to competition and allowing marketers to negotiate prices directly.
However, this transition has led to a surge in petrol prices at filling stations, with independent outlets charging as much as N1,200 per litre.
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“This new pricing framework aligns with the full deregulation of Nigeria’s downstream petroleum sector,” said an industry analyst.
“Refineries like Dangote’s can now operate on a ‘willing buyer, willing seller’ basis, which is a significant change in the market dynamics.”
While deregulation is expected to stabilize supply chains in the long term, it has also resulted in immediate price hikes as marketers adjust to cover operational costs and profit margins.
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