Dangote Refinery slashes Petrol Price to N865/Litre, Boosting hopes for Cheaper Fuel Nationwide

In a move that could bring welcome relief to millions of Nigerians grappling with high fuel costs, the Dangote Petroleum Refinery has announced a significant reduction in its petrol ex-depot price to N865 per litre, down from N880. The price cut, communicated to marketers on Thursday morning, is the latest in a series of steps aimed at stabilizing the domestic fuel market.

The Dangote Refinery, Africa’s largest with a capacity of 650,000 barrels per day, issued a formal notice to its customers, confirming the new pricing structure. A Pro Forma invoice reviewed by reporters, along with confirmation from petroleumprice.ng, validated the price change.

The reduction, though modest, is seen by industry watchers as a positive sign that the tide may be turning in Nigeria’s battle against soaring fuel prices. Anticipation of this move had been building all week, with sources hinting at a likely adjustment by week’s end.

Chinedu Ukadike, the National Publicity Secretary of the Independent Petroleum Marketers Association of Nigeria (IPMAN), applauded the price cut. He noted that it aligns with the Federal Executive Council’s efforts to deepen then “Naira-for-Crude” initiative—an economic policy that encourages local transactions in Nigeria’s currency to reduce dependency on foreign exchange.

“The refinery’s action is in sync with the government’s strategic vision. This policy is about long-term stability, not a quick fix,” Ukadike said.

The Ministry of Finance also weighed in, issuing a detailed statement via its official X (formerly Twitter) handle. Titled "Update on the Crude and Refined Product Sales in Naira Initiative,” the release followed a meeting on Tuesday between the Minister of Finance, Wale Edun, and top officials of Dangote Refinery. The meeting reviewed progress and addressed implementation challenges related to the policy.

In the statement, the ministry emphasized that the initiative is not a temporary measure but a key component of Nigeria’s broader economic reform agenda.

“The Crude and Refined Product Sales in Naira initiative is not a time-bound intervention,” the statement read. “It is a key policy directive designed to support sustainable local refining, bolster energy security, and reduce reliance on foreign exchange in the domestic petroleum market.”

For ordinary Nigerians, the refinery’s move represents more than just numbers on a price chart. It holds the promise of lower pump prices, reduced transportation costs, and a ripple effect that could ease inflationary pressures on goods and services.