Relief for Nigerians as Dangote Refinery Slashes Petrol Price to ₦828 per Litre, Marketers React
- Despite rising crude oil prices in the global market, Dangote Refinery has reduced the depot prices for petrol
- The refinery slashed its gantry price for petrol to N828 per litre from N877, representing a 5.6% price drop
- However, diesel prices have remained high at the refinery and depots nationwide, rising by 7% as of Friday, November 7, 2025
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Pascal Oparada is a journalist with Legit.ng, covering technology, energy, stocks, investment, and the economy for over a decade.
The mega Dangote Refinery has announced a new ex-depot price for petrol, cutting it from ₦877 to ₦828 per litre, a ₦60 reduction, representing a 5.6% drop.
The move comes amid rising global oil prices, with Brent crude trading at $64.23 per barrel and WTI at $60.30.
The spike has been linked to renewed tensions and Western sanctions targeting Russian oil exports.
Source: UGC
Naira-for-crude deal boosts local supply
Market data attribute Dangote’s price cut to its strengthened crude supply agreement with the Nigerian National Petroleum Company Limited (NNPC) under the naira-for-crude deal.
The arrangement was designed to ease foreign exchange pressure and guarantee a steady domestic crude supply to the refinery.
Industry sources confirm that NNPC will supply about 650,000 barrels of crude daily, covering December-loading shipments of Amenam, Bonny Light, CJ Blend, Forcados, and Qua Iboe grades.
Relief expected for marketers and consumers
According to PetroleumPriceNG, the price cut is expected to provide relief to fuel marketers and consumers after weeks of sustained high prices.
Depot operators in Lagos confirmed that loading at the new price began on Friday, November 7, 2025, and retail fuel stations are expected to adjust pump prices downward in the coming days.
Analysts say the development reflects Dangote Refinery’s growing power in stabilising Nigeria’s downstream petroleum market and influencing pump price trends nationwide.
Diesel prices still rising despite petrol relief
While petrol prices dropped, diesel prices remained elevated, maintaining pressure on businesses and motorists.
Legit.ng earlier reported that Dangote Refinery raised its gantry price from ₦910 to ₦950 per litre, reversing last week’s brief crash caused by oversupply.
The increase has triggered similar adjustments across private depots nationwide.
Nationwide depot prices surge 7%
Fresh data from PetroleumPriceNG show that diesel prices across major depots in Lagos, Warri, and Port Harcourt climbed from an average of ₦919 per litre last week to ₦983, marking a 7% weekly rise.
Operators such as Obat Oil, Integrated Oil, Pinnacle, Ibachem, and AIPEC have aligned with Dangote’s new benchmark, even on older stock, further squeezing margins for transporters, manufacturers, and logistics operators.
Source: Getty Images
Why did Dangote slash prices?
- Petrol price cut: ₦877 → ₦828 per litre (–₦60 drop)
- Reason: Improved crude supply from NNPC under naira-for-crude deal
- Diesel price: ₦950 per litre, up from ₦910
- Impact: Relief for motorists on petrol; higher diesel costs for industries
Imported petrol undercuts Dangote's price
Legit.ng earlier reported that the landing cost of imported Premium Motor Spirit (PMS) has dropped below the price of locally refined petrol from the Dangote Refinery, even after the Federal Government’s new 15% import tariff.
According to the Major Energies Marketers Association of Nigeria (MEMAN), imported petrol landed at ₦829.77 per litre as of October 30, compared to the Dangote refinery’s ₦877 per litre ex-depot price.
This represents a further decline from ₦849.61 recorded on October 13, showing a consistent downward trend in import costs.
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Source: Legit.ng
