Dangote Petroleum Refinery and Petrochemicals has reduced its fuel price to N1,075 per litre.
This marks a fresh N50 per litre reduction in the ex-depot price of petrol and the company’s fourth price cut within a month bringing the cumulative reduction since May 30, 2026, to N200.
“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,” the company said in a statement it released to announce the price cut.
However against the backdrop of the sharp drop in global crude oil prices and government’s call to local oil producers and marketers to adjust their prices to reflect the current situation, the refinery explained that petroleum product pricing cannot mirror daily movements in international crude oil markets.
According to the statement, crude is purchased weeks, and sometimes months, before it is processed, adding that petroleum products currently being supplied to the market are produced from crude inventories acquired during periods of substantially higher prices.
