Dangote Refinery Lowers Petrol Price to N1,200 per Liter

Dangote Petroleum Refinery has announced a reduction in the price of petrol, lowering it from N1,270 to N1,200 per liter. This adjustment, as explained by spokesperson Anthony Chiejina, reflects a downward review of the refinery's price template driven by developments in the global oil market.

The coastal price has been set at N1,153 per liter, which is anticipated to influence fuel supply costs across various distribution channels, including depots and retail outlets, particularly in southern Nigeria. Chief Executive Officer David Bird highlighted operational challenges faced by the refinery, particularly the inadequate supply of crude oil, which currently falls below the required monthly delivery of 13 to 15 cargoes.

This shortfall affects operations and results in revenue loss for international traders. Bird clarified that the crude naira policy is not intended to benefit Dangote Refinery alone but aims to strengthen foreign exchange stability and support the domestic crude market despite supply constraints.