Dangote Refinery Slashes Petrol Price, Filling Stations To Adjust Pumps
- The Dangote Refinery has once again reduced its petrol price at its loading gantry for marketers
- The reduction is coming less than 24 hours, it was announced that the naira-for-crude agreement will now resume
- Anthony Chiejina, the Chief Branding and Communications Officer for Dangote Group, confirmed the new price in a chat with Legit.ng
Legit.ng journalist Dave Ibemere has over a decade of business journalism experience with in-depth knowledge of the Nigerian economy, stocks, and general market trends
Dangote Petroleum Refinery and Petrochemicals has announced the reduction of its ex-depot (gantry) loading cost of petrol to N865 per litre.
The new price is a reduction of N15 from N880 per litre sold by the facility on Wednesday, April 9, 2024.
Source: Getty Images
Anthony Chiejina, the chief branding and communications officer for Dangote Group, told Legit.ng that the new price kicked off on Thursday, April 10, 2025.
"Yes, we have reduced the ex-depot price to N865 per litre"
Dangote's new petrol price
Punch reports that the Dangote refinery informed its customers in a notice sent out on Thursday morning.
The new price is now expected to lead to changes in pump prices at various filling stations, especially those with special agreements with the Dangote Refinery.
MRS Oil & Gas, Ardova Plc, Heyden and Optima Energy are the four oil companies with a relationship with the Dangote Refinery.
Newstelegraph reports that the four Dangote partners' filling stations are expected to reduce their pump price to around N910 to reflect the fresh reduction in the ex-depot price of the premium commodity.
Source: Getty Images
Collapse of FG's naira-for-crude deal
In October 2024, the Nigerian government introduced a plan that allowed local refineries, including the Dangote Refinery, to buy crude oil using naira instead of U.S. dollars.
This policy lasted for six months and ended in March 2025.
During this time, the Nigerian National Petroleum Company (NNPC) supplied crude oil to Dangote Refinery, and payments were made in naira.
The goal was to support local oil refining, strengthen energy supply in the country, and reduce the demand for foreign currency.
The policy helped bring down petrol prices from over N1,000 per litre to about N820, depending on the location.
When the agreement was not renewed, this forced Dangote Refinery to suspend petroleum product sales in naira due to a mismatch between its naira-based sales and dollar-denominated crude purchase obligations.
This led to a rise in petrol prices, with some areas seeing prices go up to N960 per litre. Private fuel depots also increased their prices to around N900 per litre.
Why was Dangote Refinery's petrol price reduced?
The price reduction by the private refinery followed a meeting between representatives of the Dangote Refinery and the Minister of Finance and Coordinating Minister of Economy, Wale Edun, on Tuesday.
At the end of the meeting, the government said that the naira-for-crude was still in effect and that the initiative was not a temporary measure but a “key policy directive designed to support sustainable local refining”.
The government also said the initiative is still in effect and will continue immediately, overruling the decision of the NNPCL under its former boss, Mele Kyari, which tenured the initiative.
Part of the notice shared on X reads:
"The Technical Sub-Committee on the Crude and Refined Product Sales in Naira initiative convened an update meeting on Tuesday to review progress and address ongoing implementation matters.
"The stakeholders reaffirmed the government’s continued commitment to the full implementation of this strategic initiative, as directed by the Federal Executive Council (FEC).
"As with any major policy shift, the Committee acknowledges that implementation challenges may arise from time to time. However, such issues are being actively addressed through coordinated efforts among all parties. The initiative remains in effect and will continue for as long as it aligns with the public interest and supports national economic objectives.
Refiners say N350 per litre fuel price possible
Legit.ng previously reported that the Crude Oil Refinery Owners Association of Nigeria (CORAN) has said that petrol could fall to as low as N350 per litre at filling stations.
According to CORAN, with crude prices declining sharply, there is no reason Nigerians should continue to pay as high as N900 per litre for petrol.
Eche Idoko, Publicity Secretary of CORAN, explained that the key to achieving a lower petrol price in Nigeria depends heavily on the naira-for-crude initiative.
This article has been updated by head of business desk, Victor Enengedi, with additional information.
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Proofreading by James Ojo, copy editor at Legit.ng.
Source: Legit.ng
