By Taiwo Oluboyede
A few days ago, Dangote Petroleum Refinery made a move that sent shockwaves through Nigeria’s downstream oil sector. The refinery slashed its petrol gantry (ex-depot) price to ₦699 per litre, a decision that immediately mean that petrol is now being sold between ₦730 and ₦740 per litre nationwide, and with a clear promise of further reductions.
For ordinary Nigerians, it was massive relief. But for the oil cabal, it was pain. Well, as dem dey pain, e dey sweet us!
For decades, Nigerians have been subjected to a cruel December tradition – as the festive season approaches, fuel disappears, some called it artificial scarcity. Prices rise sharply, and a powerful few smiles to the bank.
Every year, the same ritual played out – Artificial scarcity, hoarding, sudden price hikes, media appearances to justify suffering. This pattern enriched marketers while impoverishing citizens.
But in December 2024, Dangote broke that cycle and ensure petrol availability nationwide. A December tradition of suffering has now been broken finally.
Dangote’s intervention was not accidental, and it was not temporary. Between late 2024 and 2025, the refinery cut petrol prices repeatedly, forcing competitors to follow:
- December 2024: Yuletide price cut, pushing petrol below ₦900 per litre when prices normally spike.
- February 2025: Two separate reductions in one month, dropping prices from the high ₦900s to about ₦825 per litre.
- April–July 2025: Further downward reviews, with ex depot prices reduced to around ₦820 per litre.
While Nigerians were still adjusting to falling food prices and easing inflation, Dangote effectively delivered a mass ‘Christmas giveaway’, not for a privileged few, but for the entire country. A bold timely intervention, if you like, sees Dangote gantry price cut to ₦699 per litre, directing nationwide retail prices of ₦730 – ₦740, with more cuts promised. Awesome!
Interesting, each time Dangote announced a reduction, reactions from major and independent marketers followed a familiar pattern… They complained!
Some claimed Dangote was “killing their business.” Others warned that his pricing was “unsustainable” and “disrupting the market.” Thy even said the refinery wouldn’t work at the beginning stage.
These are the same marketer, who for decades, thrive on scarcity, fixed prices without competition, made enormous profits while Nigerians fight it out at filling stations, just to fuel.
They were never in anyway concerned about sustainability or the people.
A few years or even months of relief will not kill them. In fact, perhaps they too should consider a little ‘Christmas giveaway’. Think a modest Christmas gesture like, ₦500 per litre, just for the season after decades of profits wouldn’t be too much to ask. Call it customer appreciation gesture… lol
Before Dangote Refinery, petrol pricing followed a predictable script:
Import fuel → Fix prices → Nigerians complain → Marketers blame forex → Life goes on
There was no competition. No transparency. No restraint, we were at the mercy of the marketers. That has now been altered by Dangote with the addition of reduced logistics, transparent pricing and stable supply.
Credit must also be given to the present government by the way. By removing longstanding bottlenecks, encouraging local refining, and allowing market competition to function, the government provided the enabling environment that made this disruption possible.
Without that foresight, Dangote’s refinery could have been strangled by policy and vested interests who primarily benefitted from importations. Competition did not happen by accident; it was allowed to happen.
Really, if not for Dangote, by now, petrol could easily be selling at ₦1,300–₦1,500 per litre, and Nigerians would still celebrate the mere availability, while marketers’ cabals would dominate the airwaves, explaining how they are “absorbing costs” and helping the people.
As we all know, the impact of cheaper fuel goes far beyond the pump. Fuel determines the cost of transportation, food distribution, market logistics and household expenses. This is not theory. It is a reality as we see around. This time last year, a 50kg bag of rice sold for close to ₦100,000. Just days ago, the same bag was purchased for about ₦60,000 or less across Lagos.
Lower fuel costs reduce transport expenses, ease food prices, and relieve household pressure.
This is how inflation is tackled – through production, not promises.
For me, this is not hero worship or blind praise, it is recognition of impact. For breaking a cartel culture. For choosing people over profiteering, especially during the festive season. For proving that Nigerians deserve better.
Oga Dangote, thank you.
And as dem dey pain… e dey sweet us.