Dangote Makes Decision on Petrol Price in Nigeria After Meeting With Tinubu
- The recent rise in international crude oil prices has sparked concerns that petrol prices may once again increase at filling stations
- Dangote Petroleum Refinery, which now supplies a large portion of the market, has promised price stability
- The refinery is located in the Lekki Free Zone near Lagos, and has a capacity of 650,000 barrels per day
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 expressed a commitment to keeping petrol prices stable in Nigeria, despite fluctuations in global crude oil prices.
Anthony Chiejine, the company’s Group Chief Branding and Communications Officer, disclosed this in a statement issued in Lagos on Monday, April 9, 2025.
Source: Getty Images
According to the statement, Dangote has consistently reduced the pump price of Premium Motor Spirit (PMS) and will continue to support the Nigerian economy by easing the financial burden on consumers.
The company said its pricing strategy aligns with the government’s “Nigeria First” policy and President Bola Tinubu’s economic reform agenda, known as the Renewed Hope Initiative, which prioritises local production and national development, Punch reports.
Part of the statement reads:
“Our decision reflects our commitment to delivering affordable, high-quality petroleum products without compromising efficiency or sustainability."
“Refining petroleum products locally at the world’s largest single-train refinery allows us to significantly contribute to Nigeria’s energy security, conserve foreign exchange, and bolster economic resilience."
Dangote credited the federal government’s Naira-for-Crude Initiative for helping to bring down fuel prices, and reaffirmed the refinery’s focus on operational excellence and national service.
The statement added:
“Affordability, quality, and national interest will always guide our operations."
Recently, President of the Dangote Group, Aliko Dangote, visited President Bola Tinubu in Abuja and lauded him for what he described as his recent ‘revolutionary changes’ in the oil and gas sector, geared towards saving the country.
Africa’s richest man also praised Tinubu for assembling a ‘capable’ leadership team at the Nigerian National Petroleum Company Limited (NNPC).
Source: Getty Images
Dangote Refinery releases petrol prices
Recently, the refinery announced a price slash for its products, as well as revised retail prices for petrol at all its partner filling stations.
A breakdown of prices by location for all six partners is as follows:
- Lagos: N890 per litre
- South-West: N900 per litre
- North-West and North-Central: N910 per litre
- South-East, South-South and North-East: N920 per litre
A statement recently shared announcing the price reduction reads:
"Dangote Petroleum Refinery has consistently worked to reduce the prices of petrol and other refined petroleum products, ensuring the continued benefit of Nigerian consumers.
"Furthermore, Dangote Petroleum Refinery calls on industry stakeholders, including marketers and distributors, to continue sourcing their products from the refinery, ensuring that the benefits of these price reductions are fully realized across the country.."
Dangote's influence on Nigeria's petrol price
In the past few months, Dangote Refinery has played a major role in setting the price of petrol in Nigeria, changing how the fuel market works in the country.
Since it began operations in late 2023, the refinery has adjusted its prices several times. By April 2025, it had reduced the depot price of petrol from N950 to N835 per litre.
This forced other fuel suppliers, including the Nigerian National Petroleum Company Limited (NNPCL), to also cut their prices, creating more competition.
However, the refinery’s pricing has also been affected by changes in the global oil market. For example, in January 2025, the cost of crude oil went up, causing Dangote Refinery to increase its petrol price to N955 per litre.
With a large processing capacity of 650,000 barrels per day, Dangote Refinery has the ability to meet local fuel demand.
Experts, including OPEC, believe that once the refinery runs at full capacity, it will help steady the market and may lead to even lower petrol prices in Nigeria.
Depot owners share new findings on PH, Warri refineries
Earlier, Legit.ng reported that the Depot and Petroleum Products Marketers Association of Nigeria (DAPPMAN) disclosed that the NNPC’s Port Harcourt and Warri refineries were not producing petrol.
The DAPPMAN noted that its members were unable to purchase from the refineries, citing their limited output of petrol-grade products.
The depot owners also raised concerns about the operation of the Dangote refinery, citing its limited access for many marketers.
The article was updated with additional information by the head of the business desk, Victor Enengedi.
Proofreading by James Ojo, copy editor at Legit.ng.
Source: Legit.ng
