Dangote Refinery Slashes Petrol Price To N825 Per Litre In Boost For Nigerians.
In a welcome move for millions of Nigerians, Dangote Petroleum Refinery has announced a significant reduction in the price of petrol, cutting it from N890 to N825 per litre. The price drop, effective from today, Thursday, 27 February, marks the second reduction this month and has been hailed as a timely relief ahead of the Ramadan season.
The refinery, Africa’s largest privately owned petroleum processing plant with a capacity of 650,000 barrels per day, revealed the N65 per litre decrease in an official statement released on Wednesday. This follows an earlier reduction of N60 per litre on 1 February, bringing the total drop to N125 since January, when petrol was priced at N950 per litre. The decision reflects the refinery’s response to softening global crude oil prices and its commitment to easing the financial burden on Nigerians.
“This strategic adjustment is designed to provide essential relief to Nigerians, particularly as we approach Ramadan, while supporting President Bola Ahmed Tinubu’s economic recovery initiatives,” the refinery stated. The move is expected to lower pump prices across the country, with Lagos motorists set to pay between N860 and N865 per litre at retail outlets such as MRS Holdings, AP (Ardova Petroleum), and Heyden stations.
Posts on X have reflected a mix of optimism and cautious hope among Nigerians. Many users praised the reduction as a step toward alleviating the rising cost of living, though some expressed concern that the benefits might not fully trickle down to filling stations quickly. “Good news, but let’s see if it actually reaches us,” one X user commented, capturing a sentiment of cautious optimism trending on the platform.
The refinery has urged petroleum marketers to pass on the savings to consumers, emphasising its goal to drive down the cost of goods and services nationwide. “This reduction will have a positive ripple effect on various sectors of the economy,” the statement added, underscoring the broader implications for transport, manufacturing, and household budgets.
Dangote Refinery also reassured the public of a steady fuel supply, boasting reserves of over 500 million litres—enough to meet domestic demand for days while maintaining surplus for export. This, the company noted, will bolster Nigeria’s foreign exchange earnings, aligning with President Tinubu’s vision of self-sufficiency in refined petroleum products and positioning Nigeria as a key player in the global oil market.
The announcement has sparked excitement among industry stakeholders. The Major Energies Marketers’ Association of Nigeria (MOMAN) described it as a “welcome development,” with its Executive Secretary, Clem Isong, urging marketers to capitalise on the opportunity. Similarly, an executive from the Independent Petroleum Marketers’ Association of Nigeria (IPMAN), Alhaji Olanrewaju Okanlawon, expressed hope that the price cut would further stabilise fuel costs across the country.
This latest reduction follows a pattern of proactive pricing adjustments by Dangote. In December 2024, the refinery slashed petrol prices by N70.50—from N970 to N899.50 per litre—to ease costs during the festive season. With high-quality fuel now a favourite both domestically and internationally (recent exports include jet fuel to Saudi Arabia), Dangote continues to cement its role as a transformative force in Nigeria’s energy sector.
For Nigerians grappling with economic challenges, this news offers a glimmer of hope. As one X user put it: “N825 per litre is a start—let’s pray it sticks.”
