Dangote Refinery Cuts Petrol Price To N865/Litre

Ikeja,Lagos State — The Dangote Refinery has announced a reduction in its ex-gantry loading price of petrol to N865 per litre, marking a N15 drop from the previous N880.

The announcement, made early Thursday morning, was swiftly communicated to petroleum marketers and distribution partners, accompanied by a Pro forma invoice and confirmation from industry pricing monitor petroleumprice.ng.

This strategic price cut by Africa’s largest refinery, with a capacity of 650,000 barrels per day, is expected to influence pump prices across the country.

The move follows growing speculation in the oil sector about an impending reduction in loading costs.

“This reduction is a bold and positive step,” said Chinedu Ukadike, the National Publicity Secretary of the Independent Petroleum Marketers Association of Nigeria (IPMAN).

“It shows a willingness by local producers to contribute to lowering fuel costs, especially at a time when Nigerians are feeling the pressure of rising transportation and commodity prices.”

Ukadike added that the new pricing aligns with ongoing efforts to stabilize the downstream petroleum sector, especially with the government’s renewed focus on domestic refining.

The timing of the price adjustment is particularly notable. It comes just a day after the Federal Executive Council (FEC) approved the full-scale implementation of the Naira-for-Crude policy — a controversial but strategic initiative aimed at reducing Nigeria’s dependency on foreign exchange in the petroleum supply chain.

According to officials, the policy allows for crude oil to be sold to local refineries in Naira rather than U.S. dollars, a shift intended to strengthen the country’s local refining capacity and reduce the inflationary impact of forex volatility.

“This is not a short-term fix,” a senior official from the Ministry of Petroleum Resources told Punch.

“The Naira-for-Crude directive is part of a long-term vision to fortify Nigeria’s energy independence and ensure more predictable pricing.”

Fuel price hikes in recent months have been a major point of contention for citizens and policymakers alike, triggering protests and debates across the nation.

Thursday’s move by Dangote Refinery, however, may offer a glimmer of hope.

“We expect this drop in ex-depot price to translate into lower pump prices soon,” Ukadike said.

“And if other refineries follow suit or ramp up production, it could significantly improve the affordability of fuel.”