Dangote Refinery Slashes Petrol Price to N865 Per Litre

In a significant move likely to impact fuel prices nationwide, the Dangote Refinery has reduced the ex-depot price of petrol to N865 per litre, down from the previous N880. The price cut, confirmed on Thursday morning through a notice sent to marketers and customers, marks a N15 reduction in the cost of petrol from the giant 650,000-barrel-per-day facility.

A Pro forma invoice reviewed by newsmen and additional verification from petroleumprice.ng confirmed the price adjustment.

This development comes on the heels of earlier reports by newsmen predicting a likely downward review in pricing. Independent Petroleum Marketers Association of Nigeria (IPMAN) spokesperson, Chinedu Ukadike, had earlier hinted that the move was imminent, aligning with federal efforts to strengthen local refining capacity.

The price cut also coincides with a new directive from the Federal Executive Council (FEC), which ordered full implementation of the Naira-for-Crude policy. The initiative allows local refiners, including Dangote, to purchase crude oil in naira instead of dollars—aimed at easing pressure on the nation’s foreign exchange reserves.

In a statement issued by the Ministry of Finance via its official X (formerly Twitter) handle, the government reaffirmed that the policy is not a temporary measure, but a long-term strategy to achieve sustainable local refining and energy security.

“The Crude and Refined Product Sales in Naira initiative is a key policy directive designed to support sustainable local refining, bolster energy security, and reduce reliance on foreign exchange in the domestic petroleum market,” the statement read.

The reduction in ex-depot price is expected to ease pump prices across the country in the coming days, barring logistics and distribution cost variances.

Analysts say the Dangote Refinery’s pricing decisions will continue to play a central role in shaping Nigeria’s downstream oil market, especially as full-scale local refining ramps up.