Dangote Petroleum Refinery & Petrochemicals, Africa’s largest single-train refinery, has reaffirmed its commitment to easing the financial burden on Nigerians by maintaining reduced prices for Premium Motor Spirit (PMS), commonly known as petrol, despite volatile global crude oil prices.
The announcement comes as Brent crude fell to $65.15 per barrel on Tuesday, a 0.60% drop from Monday’s close of $65.54, according to market data.
In a statement released late Monday and signed by Anthony Chiejina, Group Chief Branding and Communications Officer, the refinery emphasized its dedication to stabilizing petrol prices to support Nigeria’s economy and align with the Federal Government’s “Nigeria First” policy.
The policy prioritizes locally produced goods and services to bolster economic resilience and energy security.
“Our decision to maintain price stability reflects our unwavering commitment to supporting the Nigerian economy and alleviating the burden on consumers,” Chiejina said. “By refining petroleum products domestically, we contribute significantly to Nigeria’s energy security, foreign exchange savings, and overall economic resilience.”
The refinery attributed its ability to keep petrol prices affordable to the federal government’s Naira-for-Crude Initiative, championed by President Bola Tinubu.
This policy allows the refinery to purchase crude oil in naira rather than dollars, reducing foreign exchange pressures and enabling cost savings that are passed on to consumers. “We are immensely grateful to His Excellency, President Tinubu, for making this possible,” Chiejina added.
The statement follows reports last week that Dangote Refinery had slashed petrol prices for the second time in May, reducing the cost per liter from ₦865 to ₦825 at its Ibeju-Lekki facility.
The price reductions come amid a reported rift between Dangote Refinery and oil marketers, who have resumed large-scale importation of petrol. According to a Tanker Position Report obtained from Blue Sea Maritime, oil marketers imported over 496.17 million liters (approximately 370,000 metric tons) of petrol between May 11 and May 20, 2025.
The imported fuel was discharged at various depots across Nigeria’s seaports, signaling a potential challenge to Dangote’s dominance in the domestic market.
Despite the resurgence of imports, Dangote Refinery remains steadfast in its mission to prioritize local refining. “We are committed to ensuring that the benefits of our local refining capacity are fully realized and enjoyed by the Nigerian populace,” Chiejina said. “Our focus remains on affordability, quality, and national interest.”
The refinery’s efforts align with President Tinubu’s Renewed Hope Agenda, which seeks to address Nigeria’s economic challenges and improve citizens’ well-being. By producing high-quality petroleum products domestically, Dangote Refinery reduces Nigeria’s reliance on imported fuel, conserves foreign exchange, and creates jobs.
The facility’s massive production capacity—650,000 barrels per day—positions it as a cornerstone of Nigeria’s energy independence.
Dangote Refinery’s statement also highlighted its dedication to operational excellence and national service. The facility, located in the Ibeju-Lekki area of Lagos, has been lauded for its state-of-the-art infrastructure and adherence to global quality standards.
By producing petrol, diesel, aviation fuel, and other petrochemicals domestically, the refinery is poised to transform Nigeria’s energy landscape.
Chiejina reassured stakeholders that the refinery would continue to prioritize the needs of Nigerian consumers. “We remain committed to delivering high-quality petroleum products that meet the needs of our people while supporting the nation’s economic goals,” he said.
As global crude prices remain unpredictable and competition from imported fuel intensifies, Dangote Petroleum Refinery’s focus on affordability and local production underscores its pivotal role in Nigeria’s quest for energy security and economic stability.
WHAT YOU SHOULD KNOW
Dangote Petroleum Refinery’s commitment to affordability, quality, and national interest positions it as a key player in Nigeria’s energy sector. As the refinery navigates global market dynamics and local competition, its focus on operational excellence and consumer welfare underscores its role in driving Nigeria’s economic transformation.
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