Dangote Refinery Cuts Petrol Price To ₦1,250 Per Litre

The Dangote Petroleum Refinery has announced a downward adjustment in the gantry price of Premium Motor Spirit (petrol), reducing it from ₦1,275 to ₦1,250 per litre, representing a two per cent cut.

According to Ireporter Online, market observations confirmed that the price review comes amid rising competition in Nigeria’s deregulated downstream petroleum sector and a recent decline in global crude oil prices.

An official of the refinery, who confirmed the development, explained that the adjustment was necessitated by fluctuations in crude oil prices, which remain the primary feedstock for production. The official noted that in a deregulated market, price changes in line with global trends are inevitable, adding that the company would continue to monitor market conditions and make necessary adjustments.

However, findings indicate that several filling stations across the country are yet to reflect the new price, with petrol still being sold above ₦1,350 per litre in some locations, depending on the marketer and region.

Meanwhile, the refinery has highlighted its growing impact on Nigeria’s economic outlook, following the country’s recent sovereign credit rating upgrade by S&P Global Ratings, which raised Nigeria’s long-term foreign and local currency ratings to “B” from “B-”.

S&P attributed the upgrade to improved economic growth, stronger external balances, increased oil production, and expanding domestic refining capacity. The Dangote Refinery, with its 650,000-barrel-per-day capacity, was specifically identified as a key contributor to Nigeria’s improving balance of payments and overall economic resilience.

The company stated that the refinery’s near-full operational ramp-up has strengthened domestic supply and positioned it as a significant driver of Nigeria’s refining self-sufficiency and broader economic recovery.