Business
Dangote Fuel Distribution Fails to Cut Edo Petrol Prices
Despite Dangote fuel distribution, petrol remains at N900 per litre in Edo as stations report no supply and prices fail to drop in Benin City
Dangote fuel distribution appears to have had little impact in Edo State, as pump prices of petrol remain stubbornly high — weeks after the refinery launched its nationwide free fuel supply initiative.
Also read: Onueze Okocha warns Rivers Assembly against harmful probe
Despite an earlier announcement by the Dangote Refinery suggesting that petrol prices in Edo would fall to N851 per litre, checks across several stations in Benin City on Monday showed prices ranging from N885 to N900, with no evidence of the promised reduction.
While most fuel station managers declined to speak publicly, a few attendants, speaking anonymously, confirmed they had not received any free fuel from the Dangote Refinery.
The situation has drawn public criticism, particularly from commercial drivers like Nosa Igbinosun, who said:
“We were hopeful prices would drop, but nothing has changed. Some stations are claiming they’ve not received supply — we need the government to check what’s going on.”
Igbinosun called on the state Task Force to investigate and ensure that petrol stations benefitting from Dangote’s distribution scheme comply with the recommended retail price.
The development comes amid wider concerns about fuel affordability and pricing transparency, particularly at a time when global oil prices remain volatile and domestic production is being ramped up through the Dangote Refinery — Africa’s largest.
Though the refinery has positioned its free fuel distribution as a measure to ease economic pressure and support the local market, implementation gaps appear to be undermining its effectiveness at state level.
Public confidence is now being tested, as expectations for a quick reduction in fuel prices remain unmet in many parts of Edo State.
Also read: Onueze Okocha warns Rivers Assembly against harmful probe
Until supply is visibly confirmed and pricing reflects official adjustments, scepticism may continue to grow among residents who were banking on relief from spiralling transport costs.
Dangote Petroleum Refinery has set its initial public offering price at ₦525 per share, with the company seeking to raise about ₦2.15 trillion as it prepares to enter Nigeria’s public equities market.
The Securities and Exchange Commission has approved the offer for 4.1 billion ordinary shares at ₦525 each. If fully subscribed, the offer would generate approximately ₦2.15 trillion, equivalent to about $1.6 billion at current exchange rates.
The offering is expected to open on 14 September 2026, according to Aliko Dangote, the president of Dangote Industries. The planned sale is positioned to become one of the largest equity offerings in Africa.
The IPO marks a significant step in Dangote Group’s plans to broaden ownership of the refinery and raise additional capital for expansion.
The refinery currently has a stated processing capacity of 650,000 barrels of crude oil per day. Dangote has said the company plans to increase that capacity to 1.4 million barrels per day as part of its longer-term expansion strategy.
The planned share sale follows a $1 billion underwriting programme completed in August, providing additional financial backing ahead of the public offering.
The refinery, located in the Lekki area of Lagos State, is one of Africa’s largest industrial projects and has become an increasingly important player in Nigeria’s fuel supply market since beginning operations.
The public offering will give Nigerian investors an opportunity to acquire shares in the refinery directly, while providing Dangote Petroleum Refinery with fresh capital to support its next phase of growth.
The company has also indicated ambitions to expand beyond its current Nigerian operations, with Dangote recently announcing plans for another refinery project in Kenya.
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