Dangote Refinery Cuts Petrol Price to ₦865/Litre

The Dangote Petroleum Refinery has reduced the ex-depot price of petrol from ₦880 to ₦865 per litre, following a recent meeting with the Federal Government. The new price, which was communicated to marketers on Thursday, is expected to reflect at filling stations over the coming days.

This means petrol prices at major stations like MRS Oil & Gas, Ardova Plc, Heyden, and others with direct supply deals with Dangote could now drop to around ₦910 per litre.

An official of the refinery confirmed the price drop in a television interview, adding that it aligns with efforts to keep fuel more affordable for Nigerians amid rising living costs.

The move follows a meeting earlier in the week between Dangote Refinery representatives and the Minister of Finance, Wale Edun. One major outcome from that meeting was the reaffirmation of the government’s naira-for-crude policy—a program that allows local refineries to purchase crude oil in naira rather than U.S. dollars.

The policy, originally introduced by the Federal Executive Council (FEC) in July 2024, aims to reduce the strain on foreign exchange and encourage sustainable refining within the country. Despite earlier pushback under the former NNPCL leadership, the government has confirmed that the initiative is not temporary but a long-term strategy to support local production.

As the $20 billion Dangote Refinery ramps up operations, it’s already starting to influence fuel pricing in Nigeria’s downstream sector. While the current drop might seem modest, it could signal more stability and possibly further price cuts in the months ahead.