Relief As Dangote Refinery Slashes Petrol Price By 15% To N699/Litre

The company’s group chief branding and communications officer, Anthony Chiejina, confirmed this in a short message sent to

“It is true. We have reduced the gantry price to N699,” Chiejina said.

With retail prices potentially dropping to around N600 per litre at some filling stations for the first time in years, Nigerian consumers are witnessing tangible relief from fuel costs that have remained stubbornly elevated throughout 2025.

The refinery had previously reduced the price of petrol from N877 to N828 per litre on 6 November, representing a 5.6 per cent decrease, and its coastal price from N854 to N806 per litre.

The reduction is part of the market’s respons e to recent fluctuations in global crude oil prices.
Crude oil prices dropped slightly on Friday, heading for a weekly loss as investors worried about oversupply.

Brent crude futures were down 19 cents, or 0.31 per cent, to $61.09 a barrel at 1125 GMT. U.S. West Texas Intermediate (WTI) crude was down 15 cents, or 0.26 per cent, at $57.45. Both benchmarks fell by about 1.5 per cent on Thursday.

Brent crude and WTI crude benchmarks are down over 4 per cent this week, reflecting broader market uncertainties.

In May, Dangote Refinery reaffirmed its commitment to maintaining price stability for petrol, despite global fluctuations in crude oil prices.

At the time, Chiejina said the decision reflects the company’s unwavering commitment to supporting the Nigerian economy and alleviating the burden on consumers from the increase in fuel prices by maintaining price stability.

Last week, Aliko Dangote, founder and president/chief executive of the Dangote Group, said his refinery will continue to reduce the price of petrol to compete with importers.

“Prices are going down. The reason why prices have to go down is that we have to also compete with imports,” Dangote said.

Real-time market data published on Petroleumprice.ng on Friday showed that the refinery implemented another major downward review, cutting the Premium Motor Spirit benchmark price by N129 per litre — a 15.58 per cent reduction.

Market trackers on Petroleumprice.ng also reported fresh reductions across several private depots following the refinery’s latest review.

According to the platform, Sigmund Depot reduced its ex-depot price by N4 to N824 per litre, while Bulk Strategic also posted a marginal drop of N3. TechnoOil implemented one of the sharpest decreases with a N15 cut.
Industry watchers warn that depot owners and business networks built around importation face idle facilities and financial strain as the 650,000-barrel-per-day Lekki facility flexes its pricing power.

The margins are shrinking by the day, Dangote has access to better economies of scale and a more efficient refining process. We simply can’t match their prices without incurring significant losses, said Tosin Akinbobola, a Lagos-based fuel distributor told BusinessDay.