The management of Dangote Petroleum Refinery has announced a reduction in fuel prices, citing the move as an effort to ease the economic burden on Nigerians amid fluctuations in global crude oil markets.
In a statement released on Wednesday, the refinery emphasized that the decision reflects its commitment to fairness, transparency, and sensitivity to global market trends. The statement noted that all crude processed at the refinery is purchased at global benchmark prices plus a premium of $3 to $6, with foreign exce payments made at prevailing market rates and no subsis applied.
“Additionally crude supplied through the Naira for Crude arrangement is priced in line with the global benchmark plus premium and converted to naira using the current exce rate,” the statement added.
The refinery explained that in 2025 it reduced gantry prices on at least eight occasions while only increasing them twice, describing the adjustments as rooted in economic patriotism and responsibility to Nigerian consumers. The management pledged that cost advantages would continue to be passed on to consumers across all 36 states and the Federal Capital Territory.
David Bird, Managing Director of the refinery, assured Nigerians that the facility will continue to meet domestic fuel demand despite global market volatility. He noted that while many import dependent nations face fuel shortages panic buying and rationing, Nigeria is insulated from such disruptions due to the country’s domestic refining capacity.
Bird highlighted that recent geopolitical tensions in the Middle East caused crude prices to spike from around $60 to nearly $120 per barrel in just one week, affecting freight and insurance costs worldwide. However, he stressed that the Dangote Refinery’s domestic operations ensure a secure and uninterrupted fuel supply for Nigerians.
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