The Dangote Petroleum Refinery has announced another reduction in the ex-depot price of petrol, lowering it from N840 per litre to N820, in a move that signals its ongoing commitment to cushioning Nigerians against fluctuating global crude oil prices.
This latest price cut comes just days after the refinery reduced petrol prices from N880 to N840 per litre on June 30. Group Chief Branding and Communications Officer of Dangote Group, Anthony Chiejina, confirmed the development in a message to PREMIUM TIMES on Tuesday night, stating simply, “We have reduced gantry price to N820 from N840.”
The decision to lower prices again comes despite a recent surge in global oil prices. On Tuesday, Brent crude rose by 1.3% to $70.46 per barrel, while West Texas Intermediate (WTI) crude climbed 1.1% to $68.68 per barrel — the highest closing levels since June 23. This marks the second consecutive day of gains following OPEC+’s unexpected production hike and ongoing trade uncertainties in the United States.
While such increases typically trigger corresponding hikes in local fuel prices, the Dangote Refinery has maintained its pledge to stabilize fuel costs. In May, Chiejina reiterated the company’s resolve to absorb market shocks in order to support the Nigerian economy and ease pressure on consumers.
“As a responsible corporate entity, our focus is not just profit. We are committed to stabilizing the economy and ensuring Nigerians can afford energy,” he said at the time.
On June 15, the company also revealed plans to transform the downstream fuel distribution sector, announcing that by August 15, it would begin the nationwide distribution of petrol and diesel to licensed marketers, manufacturers, aviation companies, telecom firms, and other heavy users.
The latest price drop is expected to influence pump prices across Nigeria as independent oil marketers may adjust their retail rates in line with the reduced ex-depot price. If replicated across filling stations, this could bring welcome relief to motorists and transport operators who have been grappling with high energy costs.
The Dangote Refinery, commissioned in 2023, has been seen as a game-changer in Nigeria’s oil sector, with stakeholders hoping its local refining capacity will eventually help end the country’s dependence on fuel imports.
