Dangote slashes petrol price by over N200 in one month, confirms new N1,075 ex-depot rate
By Aboki Forex —
Dangote Petroleum Refinery has cut its ex-depot petrol price by more than N200 per litre since May 30, 2026, with the latest reduction bringing the price to N1,075 per litre. The refinery said the cut reflects lower crude procurement costs rather than daily swings in global oil prices.
Fourth price cut in one month
The latest N50 reduction was announced on July 2, 2026, lowering the ex-depot price from N1,125 to N1,075. Ex-depot price is the amount refineries charge petroleum marketers before transportation, distribution and retail sales at filling stations. This marks the fourth price cut in under five weeks.
In a statement, the refinery said the new pricing is based on actual production economics and inventory costs, not daily fluctuations in international crude oil prices. The company explained that crude oil used for refining is typically purchased weeks or months before processing under commercial contracts linked to monthly average prices. This means pump prices cannot immediately mirror changes in global crude rates.
More cuts possible as cheaper crude arrives
Dangote released details of crude cargoes received in May and June, showing that much of the petrol currently being supplied was produced from inventories acquired when crude prices were significantly higher than current market levels. The refinery said Nigerians could see additional reductions in petrol prices as lower-cost crude cargoes gradually replace more expensive inventories in its production cycle.
According to the company, declining procurement costs should support further price moderation if international oil market conditions remain favourable, the Nation reports.
Dangote absorbed cost burden to stabilise prices
Dangote said it absorbed a significant portion of the recent increase in crude oil costs rather than passing the full burden to consumers. The company said this move helped stabilise domestic fuel prices and reduce inflationary pressures. The refinery added that its production capacity now supplies enough petrol to meet Nigeria's domestic demand, reducing dependence on fuel imports, conserving foreign exchange and strengthening the country's energy security.
What this means for consumers
The latest cut brings the ex-depot price well below the national average retail price of N1,288.54 recorded by the National Bureau of Statistics (NBS) in March 2026. That figure represented a 2.13% year-on-year increase from N1,261.65 in March 2025 and a 22.55% month-on-month jump from N1,051.47 in February 2026. Anambra State recorded the highest average retail price at N1,441.22, followed by Sokoto (N1,377.55) and Borno (N1,375.16). For Nigerian consumers, sustained price reductions at the refinery level could translate into lower pump prices across filling stations, easing transport costs and household expenses.