Relief Coming Soon? Dangote Drops Major Update On Petrol Price Cut After Aso Rock Talks

Aliko Dangote, founder and CEO of Dangote Group, has reiterated that his refinery will continue reducing petrol prices to remain competitive with imported fuel.....KINDLY READ THE FULL STORY HERE▶

Speaking to State House correspondents after a meeting with President Bola Tinubu at Aso Rock on Monday, Dangote emphasized that the ongoing price adjustments by Dangote Petroleum Refinery & Petrochemicals are aimed at making Nigeria’s domestic fuel prices more competitive.

“Prices are going down. We have to reduce them to compete with imports,” Dangote said. He added that the refinery remains committed to maintaining price stability despite fluctuations in global crude oil prices.

On November 6, 2025, the refinery lowered its petrol gantry price from ₦877 to ₦828 per litre, a 5.6% reduction, while its coastal price dropped from ₦854 to ₦806 per litre.

However, Dangote acknowledged that fuel smuggling remains a significant challenge. “Smuggling hasn’t stopped entirely because Nigeria’s fuel price is about 55% lower than in neighboring countries,” he explained. Fuel in countries bordering Nigeria sells for roughly ₦1,500 to ₦1,600 per litre compared to about ₦800 per litre domestically. “It doesn’t matter how you police the borders; people will still smuggle because of the huge profit margin,” he added.

Dangote assured Nigerians that the refinery will continue supplying petroleum products, including diesel and petrol, at reasonable prices. He stressed that the refinery is focused on building a sustainable long-term business rather than quickly recovering its $20 billion investment. “We are not here to recoup our $20 billion quickly; it’s a long-term investment,” he said.

Regarding the Naira-for-Crude policy, Dangote described it as a win-win for Nigeria, praising President Tinubu’s vision and the efforts of the ministerial committee implementing it. He noted, however, that sourcing crude oil from international suppliers remains a challenge, as Nigeria’s crude sells at a premium and some companies are reluctant to supply it. “It’s a teething problem that we believe will be addressed in the new government budget,” he stated.

The refinery has informed the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) that it can supply 50 million litres of petrol daily, helping to significantly reduce Nigeria’s long-standing fuel shortages. Dangote highlighted that fuel queues, a persistent problem since 1972, are now being alleviated, with Nigeria even exporting fuel to Europe and the United States. “By February, we’ll supply 15 to 20 million litres more than Nigeria’s domestic consumption, so exports will continue,” he said.

Looking ahead, Dangote revealed plans to expand the refinery, aiming to make it the largest in the world by 2028. “We will surpass India’s Reliance, which produces 1.25 million barrels per day. Our target is 1.4 million barrels per day. Agreements are in place, and piling for expansion will start by January. We are on track for on-time delivery,” he added.