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Dangote Refinery

Dangote Refinery
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Dangote Refinery Slashes Petrol Price to N1200

by Nelson Ugwuagbo
written by Nelson Ugwuagbo

The Dangote Refinery has reduced the ex-gantry price of Premium Motor Spirit (PMS) by N75, bringing it down to N1,200 per litre, according to industry sources on Wednesday.

The latest adjustment follows a recent price increase to approximately N1,275 per litre, which the refinery attributed to volatility in the global oil market and rising production and supply costs.

The price cut is linked to a notable decline in international crude oil prices. Brent crude futures dropped to $95.05 per barrel, marking a 13 per cent decrease, while West Texas Intermediate (WTI) crude fell by nearly 14 per cent to close at $97.18.

Since commencing operations in 2023, the Dangote Refinery has been expected to reduce Nigeria’s reliance on imported fuel. However, its pricing continues to reflect movements in global oil benchmarks such as Brent and WTI crude futures.

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Dangote Refinery
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Dangote Refinery Saves Nigeria over ₦10bn Annually in FX – Esan

by Nelson Ugwuagbo
written by Nelson Ugwuagbo

The Senior General Manager, Corporate Communications at Dangote Industries Ltd., Sunday Esan, says the Dangote Refinery has saved Nigeria more than ₦10bn annually in foreign exchange by replacing fuel imports with locally refined products.

Esan stated this on Thursday in Lagos during the 2025 Media Week of the Nigeria Union of Journalists (NUJ), Lagos State Council, with the theme: “Unlocking Opportunities for Businesses in a Challenging Economy: The Role of the Media / Roadmaps to Energy Security in Nigeria.”

He described the refinery as “more than a national landmark,” noting that it is reducing foreign exchange outflows, driving GDP growth, creating jobs, positioning Nigeria as a regional energy hub, and strengthening the country’s energy security.

According to him, the refinery, which began operations nearly two years ago, has significantly reduced Nigeria’s dependence on imported petroleum products, helping to curtail PMS and diesel importation, support naira stability, create thousands of jobs and boost the national energy supply chain.

Citing recent trade data, Esan said fuel imports declined by 1.54 per cent in the first quarter of 2025.

“While Nigeria spent $2.6bn on fuel imports in Q1 2024, the figure declined sharply to $1.2bn in Q1 2025. Dangote Refinery has saved Nigeria over ₦10bn annually in foreign exchange by replacing imports with local production. It has significantly curtailed oil imports and created measurable economic impact,” he said.

Esan added that the refinery is currently reviewing plans to scale up its installed capacity from 650,000 barrels per day to 1.4 million barrels per day.

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