Business
Depot Owners Cut Petrol Price to Match Dangote Rate
Depot owners petrol price cut sees major suppliers reduce ex-depot rates to ₦1,075 per litre, matching Dangote Refinery’s latest fuel price
Petroleum depot owners in Nigeria reduced their petrol ex-depot prices to ₦1,075 per litre on Friday, 10 July 2026, matching the rate announced by Dangote Refinery as competition intensifies in the downstream oil market.
Also read: ExxonMobil Under Fire Over Delayed $1bn Usan Oil Field Development
Checks showed that major operators, including Heyden, Pinnacle, Ardova and Sahara, adjusted their petrol prices from as high as ₦1,095 per litre to the new ₦1,075 rate.
The latest depot owners petrol price cut came two days after Dangote Refinery announced that it would supply petrol at ₦1,075 per litre while offering free delivery to five states and the Federal Capital Territory.
The move has increased pressure on other fuel suppliers to align their prices as businesses compete for market share and consumers seek relief from high energy costs.
Industry watchers said Dangote Refinery could further reduce its gantry price below ₦1,075 per litre in response to the adjustment by depot operators, potentially triggering another round of price competition.
The development follows a broader decline in petrol prices over the past month, with Dangote Refinery and depot owners reducing rates by at least ₦120 per litre, a change that has contributed to lower pump prices in some locations.
The fuel market adjustment comes amid changes in global crude oil prices, which rose earlier in the week before easing on Thursday despite renewed tensions in the Middle East following the collapse of a ceasefire agreement between the United States and Iran.
New York Federal Reserve Bank President John Williams said energy prices were expected to remain lower despite geopolitical concerns affecting the oil market.
Also read: ExxonMobil Under Fire Over Delayed $1bn Usan Oil Field Development
The latest price reductions are expected to influence retail petrol prices as marketers adjust to the changing cost structure across Nigeria’s downstream petroleum sector.
Tinubu Niger Delta summit opens in Port Harcourt as investors and policymakers gather to drive investment, innovation and industrial growth
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.
-
Politics3 years ago
13 Ondo Assembly Members Disown Endorsement of Aiyedatiwa
-
Politics2 years ago
APC Group, Ondo Govt, Quarrel Over Money for Endorsement
-
Trending News5 years agoStop unsavoury, inciting statements – DSS warns
-
Others5 years agoAdron Homes Celebrates 10 Years Of Housing Excellence
-
Humanity5 years agoPresident Buhari Commiserates With Ambassador Maureen Tamuno Over The Loss Of Her Father
-
Others7 years agoEX- CUSTOMS BOSS, IBRAHIM MERA’S DWINDLING FAME
-
Business2 years agoBigi Carbonated Soft Drinks Treats 40 Consumers to an Epic Easter Movie Hangout
-
Business2 years agoWema Bank Shines at Global SME Finance Forum Conference Awards 2024 …Awarded: • SME Financier of the Year (Africa) • Platinum Award for Best Financier for Women Entrepreneurs (Africa)