Dangote refinery says fuel price cut aimed at easing Nigerians’ hardship
The management of Dangote Petroleum Refinery has said its recent reduction in fuel prices was aimed at easing the economic burden on Nigerians.
In a statement on Wednesday, the company said the decision reflects its commitment to maintaining a pricing structure that is responsive to global market trends while promoting fairness and transparency.
The refinery explained that as a company operating under strict governance standards and ethical principles, it ensures that its pricing reflects the ongoing decline in global crude oil prices.
It stated that all crude processed at the refinery is purchased at the global benchmark price, with an additional premium ranging between $3 and $6 per barrel. Payments for foreign exchange, it added, are made at the prevailing market rate without any form of subsidy on either crude oil or forex.
According to the statement, crude supplied under the Naira-for-Crude arrangement is also priced in line with the global benchmark plus premium and converted to naira using the current exchange rate.
The refinery noted that in 2025 alone, it reduced its gantry prices at least eight times and increased them only twice, describing the adjustments as part of its commitment to economic patriotism and its responsibility to Nigerian consumers.
It added that the company remains committed to ensuring that any cost advantages are passed on to consumers across the 36 states and the Federal Capital Territory.
Meanwhile, the Managing Director of Dangote Petroleum Refinery, David Bird, recently assured Nigerians that the refinery would continue to meet the country’s fuel demand despite instability in the global oil and gas market.
Bird said that while countries dependent on fuel imports were experiencing panic buying and rationing, Nigeria would avoid such situations due to the refinery’s capacity to ensure steady domestic fuel supply.
He noted that the refinery has continued to supply fuel to the local market without disruption even as geopolitical tensions in the Middle East triggered sharp increases in crude oil prices, freight charges and insurance costs.
According to him, crude oil prices surged from the mid-$60 range to nearly $120 per barrel within a week, creating major disruptions across the global energy supply chain.
While acknowledging that the refinery is not completely insulated from global price fluctuations, freight volatility and rising insurance premiums, Bird said Nigeria now enjoys the advantage of a more secure fuel supply driven by domestic refining capacity.
