KEY POINTS

• Dangote Refinery has reduced the ex-depot price of petrol to ₦835 per litre, following a meeting with Nigeria’s Minister of Finance.

• The reduction is expected to lower pump prices at filling stations, bringing some relief to consumers amid rising fuel costs.

• The government continues to support local refining efforts, emphasizing the importance of the “naira-for-crude” initiative to reduce reliance on imported refined petroleum products.

On Wednesday, April 16, 2025, Dangote Petroleum Refinery and Petrochemicals made another reduction in the ex-depot price of petrol, lowering it from ₦867 to ₦835 per litre.

Channelstv reports that this marks the second time in April that the refinery has adjusted its petrol pricing, bringing some relief to consumers.

The Lagos-based refinery, one of the largest private refineries in Africa, confirmed the price cut through an official at the facility, who spoke to newsmen. This reduction follows a recent meeting between Dangote Refinery representatives and Nigeria’s Minister of Finance, Wale Edun.

During this meeting, discussions centered around sustaining local refining efforts and ensuring the long-term viability of the refinery.

“The reduction in the ex-depot price reflects our commitment to providing affordable petroleum products to Nigerians. We are keen on supporting the country’s refining sector, and this price cut is a step in that direction,” said Anthony Chiejina, a spokesman for the Dangote Refinery.

Impact on retail prices and local markets

As a result of this price adjustment, filling stations with special agreements with Dangote Refinery, including MRS Oil & Gas, Ardova Plc, and Heyden, are expected to reduce their pump prices.

These stations are expected to sell petrol at rates below ₦900 per litre, with some stations in Lagos likely to offer the fuel for as low as ₦890 per litre. This adjustment follows the refinery’s decision to pass on the price cut to consumers, providing some relief amid rising fuel prices.

“The price reduction is a welcomed relief for Nigerians, as fuel prices have soared drastically since the removal of the subsidy,” said a market analyst.

In a further update, the refinery confirmed that the ex-depot price for petrol had been officially set at ₦835 per litre, with the price expected to be reflected at various filling stations in Lagos shortly.

Despite the price reductions, many Nigerians continue to face challenges with the high cost of fuel, which has risen fivefold since May 2023 when the government removed the fuel subsidy.

The government’s continued support for Dangote Refinery and its local refining capacity remains a crucial element in addressing Nigeria’s long-standing energy challenges. As the country moves toward reducing reliance on imported refined petroleum products, this price reduction also signals positive developments in the country’s oil sector.

The government’s policy, known as the “naira-for-crude” initiative, was reaffirmed during last week’s meeting, with the Minister of Finance emphasizing the policy’s importance for sustainable local refining.

“This initiative is not just a temporary measure but a key policy directive designed to support local refining and ensure a more stable supply of refined products,” stated Minister Edun.

The Dangote Refinery, which was commissioned in May 2023, has played a significant role in Nigeria’s ongoing efforts to address energy deficits. Before the refinery’s operations, Nigeria’s state-run refineries had been non-operational for years, and the country had been heavily reliant on imported petroleum products.