Dangote Petroleum Refinery has reduced its ex-depot petrol price by N50 per litre, bringing it down from N1,125 to N1,075. It is the refinery’s fourth price cut in one month, taking total reductions since May 30, 2026, to more than N200 per litre.
The company said the latest cut reflects lower crude oil prices, even as it continues to absorb part of rising production costs. During the same period, it also reduced the price of diesel (Automotive Gas Oil) by N300 per litre and Jet A1 by N520 per litre.
Dangote explained that petrol prices cannot follow daily changes in the global oil market because crude oil is bought weeks or months before refining. The fuel now reaching the market was produced from crude purchased when prices were much higher.
According to the refinery, the average landed cost of crude stood at about $124.80 per barrel in May and $95.25 per barrel in June. That compares with the current international benchmark of about $71.01 per barrel.
It added that crude is bought under the Dated Brent pricing system, along with market premiums, freight and logistics costs, making its feedstock cost higher than the benchmark.
The refinery said:
“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.”
Dangote also said it has absorbed much of the extra cost to keep its prices below those in neighbouring countries after taxes. It added that consumers should see more gradual price cuts as cheaper crude supplies arrive.
