Dangote Refinery
By Victory Oghene
Dangote refinery has explained why it reduced fuel prices for the fourth time within four weeks.
The company in a statement said the successive reductions demonstrate its commitment to ensuring Nigerians benefit from favourable market developments while maintaining the long-term sustainability of domestic refining operations.
According to the refinery, the petroleum products currently being supplied to the market are being produced from crude inventories acquired during periods of substantially higher prices.
The recent reduction which took effect on Thursday brings the gantry price of petrol to N1,075 per litre from N1,250.
This means that the mega refinery dropped its petrol by N50 per litre to a cumulative N200 per litre since May 30, 2026.
In the same vein, Dangote Refinery reduced the ex-depot price of Automotive Gas Oil (AGO) by N300 per litre and Jet A1 aviation fuel by N520 per litre.
“Today’s N50 per litre reduction is the fourth price cut in one month, bringing cumulative reductions to above N200 per litre on PMS. This approach ensures that pricing decisions are anchored on actual production economics and inventory costs rather than short-term fluctuations in international oil markets,” it said. “Nigeria Today benefits from the stabilising role of domestic refining capacity. The Dangote Petroleum Refinery currently supplies volumes sufficient to meet national demand, helping to strengthen energy security, eliminate dependence on imports, conserve foreign exchange and provide greater price stability for consumers and businesses,” Dangote Refinery stated.
