See New Price As Dangote Reduces Fuel Price

Dangote Refinery has started selling petrol at N865 per liter, an increase of N50 from its last announced price of N815 per liter.

This move comes after the suspension of the Naira for crude deal with the federal government.

Oil marketers, including MRS, have begun lifting petrol from the refinery, which has a capacity of 650,000 barrels per day.

The refinery had previously reduced its price to N815 per liter, its third reduction in 2025.

The new price is a reduction of N15 from N880 per litre sold by the facility on Wednesday.

The refinery informed its customers in a notice sent out on Thursday morning.

A Pro forma invoice was sighted and checks into petroleumprice.ng also confirmed the development.

Recall that marketers had exclusively confirmed that the 650,000 barrels refinery was anticipated to lower its petrol loading costs by the end of this week, further contributing to the reduction in fuel prices.

The National Publicity Secretary of the Independent Petroleum Marketers Association of Nigeria, Chinedu Ukadike, reassured the public of the price drop while commenting on the Federal Executive Council’s directive regarding the naira-for-crude agreement.

On Wednesday, the Federal Executive Council, after an initial delay, directed the full implementation of the suspended Naira-for-Crude agreement with local refiners.

Despite the fall in crude oil prices to $59 per barrel, yesterday, the cost of refining remains high due to increased costs of importing crude oil in dollars.

Experts had expected lower petrol prices following the decline in crude oil prices, but the high refining costs have offset the benefits.