Dangote Refinery lowers Nigeria's petrol price to N1,075 per litre

Nigeria’s Dangote Petroleum Refinery announced a fourth reduction in the ex‑gantry price of Premium Motor Spirit (petrol) within a month, cutting the price by N50 to N1,075 per litre. The cumulative discount since the end of May exceeds N200 per litre. The refinery also reduced the ex‑depot price of Automotive Gas Oil (diesel) by N300 per litre and Jet A1 aviation fuel by N520 per litre.

The company said the cuts reflect actual production economics, noting that the crude it is currently processing was bought at higher international prices (about $124.80 per barrel in May and $95.25 in June) while current benchmark prices are around $71 per barrel. Dangote said it is absorbing a large share of the cost differential to keep fuels affordable and to stabilise the domestic market, and it expects further moderation as cheaper crude inventories enter its feedstock cycle.

The Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) reiterated that pump prices must reflect supply costs and warned marketers against price‑gouging, citing the Petroleum Industry Act. The regulator’s stance supports the refinery’s price‑cut rationale and underscores the push for cost‑reflective pricing in Nigeria’s deregulated downstream sector.