Dangote Cuts Petrol Price to ₦867
Dangote Petroleum Refinery and Petrochemicals has reduced the ex-depot price of petrol from ₦880 to ₦867 per litre.
The ₦13 reduction in petrol price was confirmed by petroleumprice.ng and was communicated to marketers and customers. The price adjustment is a step towards relieving the financial load on Nigerians who have been struggling with high fuel prices.
Filling stations including MRS Oil & Gas, Ardova Plc, Heyden, and others with special agreements with Dangote Refinery are expected to reflect the adjusted price at their pumps, with petrol projected to drop to roughly 910 per litre from the previous 925.
The price cut comes shortly after a meeting between officials of the Dangote Refinery and the Minister of Finance, Wale Edun recently. The meeting was reportedly centred on strategies to stabilise petrol prices and reduce the pressure on foreign exchange demand in Nigeria.
The Federal Government had earlier in July 2024 directed the Nigerian National Petroleum Company Limited (NNPCL) to sell crude oil to local refineries, including Dangote, in Naira rather than in US dollars.
According to the government, the naira-for-crude is still in effect and is not a temporary measure but a key policy directive designed to support sustainable local refining.
Despite the directive, the Dangote Refinery temporarily suspended the Naira-based transactions. “This decision is necessary to avoid a mismatch between our sales proceeds and our crude oil purchase obligations, which are currently denominated in US dollars,” the refinery had explained at the time.
In March 2025, the NNPCL stated that the Naira-for-crude deal was only structured to last six months, with March marking the end of the agreement. The fallout caused petrol prices to skyrocket from ₦860 to nearly ₦1,000 per litre within days.
However, with talks to reinstate the Naira-for-crude initiative underway, the refinery has announced its readiness to resume Naira-based sales once crude is supplied in local currency again.
Experts believe the resumption of the Naira-for-crude sales would reduce the strain on the US dollar and guarantee the price stability of petroleum products.
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