Business
Dangote Refinery Reduces Cooking Gas Price to Less Than ₦800
The Dangote Refinery has once again shifted the energy market in Nigeria, this time by slashing the price of cooking gas to below ₦800 per kilogram, the cheapest the country has seen in years.
For months, Nigerians have battled with skyrocketing LPG costs that often ranged between ₦1,000 and ₦1,300 per kilogram, forcing many families to turn back to kerosene or even firewood. During a recent facility tour, Africa’s richest man, Aliko Dangote, promised to change that story. Now, he appears to be making good on his word.
The refinery, which produces around 22,000 tonnes of LPG daily, has enough capacity to influence prices across the country. By selling directly and avoiding multiple layers of middlemen, the refinery has pegged its ex-depot price at roughly ₦815/kg, undercutting other suppliers whose prices float between ₦825 and ₦900/kg.
If this trend holds, a standard 12.5kg cylinder could now sell between ₦10,200 and ₦11,000, compared to the ₦13,500 to ₦14,000 many Nigerians currently pay. For households struggling with high living costs, this is no small relief.
Many citizens have welcomed the move, praising Dangote for making clean energy more accessible. “People should not be cooking with firewood anymore,” he said, urging Nigerians to embrace safer and healthier alternatives.
But not everyone is pleased. Some long-standing gas marketers worry about being pushed out of the business. Industry players argue that while cheaper gas is welcome, Dangote’s dominance could edge smaller distributors aside and tilt the market too heavily in his favor.
Bitcoin has fallen below $63,000, reaching its lowest level since October 2024 amid weakening investor confidence and increased volatility in the cryptocurrency market.
According to CoinMarketCap data, Bitcoin dropped 13.9 per cent to $62,965 as of 10:20 p.m. on Thursday. The decline comes after months of downward movement, with the cryptocurrency now more than 45 per cent below its October peak.
Ethereum also recorded a sharp decline, falling 13 per cent to $1,863, while the global cryptocurrency market capitalisation dropped to $2.19 trillion.
Analysts reportedly linked the latest decline to a broader sell-off in US technology stocks, which has also affected other risk assets. Bitcoin had reached an all-time high of more than $125,000 on October 5 before falling sharply in the days that followed, highlighting the continued volatility in the crypto market.
Businessman Aliko Dangote has explained why he believes Nigerians should participate in the ownership of his refinery by purchasing shares.
He was asked by singer Davido why Nigerians should participate, and Dangote explained that the initiative would help spread wealth and prosperity across Africa.
“Well, it’s very important because that is the only way to spread prosperity and wealth throughout Africa. And like I said, this is not going to be the first and the last. We will continue with even our fertilizer. By the time we finish listing, every single one will own part of our businesses and we will create a pool of cash…”
He explained that the goal is to create opportunities for more Nigerians to own a stake in the businesses and help spread wealth across the country.
Aliko Dangote speaks on his lineage and addresses not having a son as he was asked about not having a son to carry his name and achievements.
“That is not my priority because God controls everything. You can pray for God to give you a son, but he might be the one to take down the name of the family.”
Instead, he shared that he does not mind not having a son. “I don’t think a son would have done better than the three daughters I have.”
Aside from that, he was also asked about giving advice to young Nigerians. “Work hard, be consistent, focused and know what you want to do.”
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