The Dangote Petroleum Refinery has announced another reduction in its ex-depot petrol price, slashing the cost to ₦835 per litre just weeks after lowering it to ₦867 earlier this month. The latest price adjustment was confirmed by refinery officials to Channels Television on Wednesday afternoon, with an official statement expected soon.
This marks the second price cut by the $20 billion Lagos-based refinery in April, signaling a potential shift in Nigeria’s fuel pricing dynamics. Major marketers including MRS Oil & Gas, Ardova Plc, and Heyden Petroleum – which have direct supply agreements with Dangote – are now expected to adjust their pump prices below ₦900 per litre in response to the reduction.
The price revision follows recent discussions between Dangote Refinery representatives and Finance Minister Wale Edun, where the federal government reaffirmed its commitment to the naira-for-crude exchange program. Minister Edun emphasized that the initiative remains a key policy for supporting local refining capacity, countering previous uncertainties under the former NNPCL leadership.
Industry analysts suggest the consecutive price cuts may indicate improving operational efficiency at Africa’s largest refinery, which was commissioned in May 2023. The move could also reflect the impact of the government’s naira-for-crude policy, designed to stabilize domestic fuel supply and pricing.
As the refinery prepares its official statement, market watchers anticipate further adjustments across Nigeria’s petroleum distribution chain in the coming days. The price reduction offers potential relief to consumers grappling with high transportation and energy costs, though the full impact on retail prices nationwide remains to be seen.
