Dangote Refinery has introduced a fresh reduction in its ex-depot petrol price, marking one of its most significant downward reviews this year. The new pricing comes as fuel demand typically rises during the Christmas and New Year season.

According to data obtained from Petroleumpriceng on Friday, the refinery adjusted its ex-depot rate to N699 per litre, a sharp fall from the previous N828. The N129 difference amounts to a 15.58 percent reduction.

Industry observers note that this is roughly the twentieth price review by the refinery in 2024, reflecting what analysts describe as an aggressive strategy to gain a stronger foothold in Nigeria’s competitive downstream market.

Competitive Pressures Intensify

The latest adjustment closely follows recent price cuts by the Nigerian National Petroleum Company Limited and several independent filling stations. According to earlier reports from Punch, retail pump prices in Abuja have dropped to between N915 and N937 per litre after at least two reductions within the last three weeks.

Energy analyst Chinedu Ogbu told reporters that the trend signals a price war that could benefit consumers in the short term. “We are seeing a deliberate push by major players to attract market share. If supply levels hold, Nigerians may experience some temporary relief at the pump,” he said.

Wider Implications For The Fuel Market

Meanwhile, economists note that sustained price reductions could help ease transportation costs during the Yuletide period, traditionally one of the busiest travel seasons of the year. However, they caution that Nigeria’s fuel pricing environment remains sensitive to foreign exchange rates, distribution challenges and crude supply factors.

For now, consumers may welcome yet another downward shift, as the Dangote Refinery’s move adds momentum to the recent streak of retail pump reductions nationwide.