Dangote Refinery Cuts Petrol Price Amid Crude Oil Decline

Dangote Refinery has announced a reduction in the ex-depot price of premium motor spirit (petrol) from ₦1,275 to ₦1,250 per liter, marking a ₦25 decrease. This adjustment comes amid a sustained decline in crude oil prices in the international market, which is expected to influence pump prices across Nigeria.

The price change reflects the lower cost of crude oil, which is the primary raw material used in refining petrol. Despite the refinery's price adjustment, retail prices at various filling stations remain largely unchanged, with some locations charging above ₦1,350 per liter due to transport costs and existing stock purchased at higher rates.

The latest price cut is part of a competitive landscape within Nigeria's downstream petroleum sector, following the removal of fuel subsidies and the full deregulation of the market. Dangote Refinery aims to position itself as a major contributor to Nigeria's economic recovery and energy security by ramping up its refining capacity to 650,000 barrels per day.