Petrol May Drop to N800 as Dangote Cuts Price and Oil Prices Fall
A major shift is on the horizon for Nigerian fuel consumers as the price of petrol could soon drop to around N800 per litre, thanks to falling crude oil prices and the reactivation of Nigeria’s naira-for-crude supply strategy. Industry experts and oil marketers say these changes could bring significant relief if global oil prices keep falling and foreign exchange reliance decreases.
This projection comes as Dangote Petroleum Refinery slashed its ex-depot price for petrol to N835 per litre, a N30 reduction from N865 just six days ago. This is the refinery’s second price cut within a week and third in six weeks, signaling a steady push to reduce fuel costs nationwide.
According to a statement from the company’s Group Chief Branding and Communications Officer, Anthony Chiejina, the new price includes all statutory levies from the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA). Dangote’s partners like MRS, Ardova (AP), Heyden, Optima Energy, Hyde, and Tecno Oil will now sell petrol between N890 and N920 per litre, depending on the region. In Lagos, it will be N890, and up to N920 in the South-East and North-East.
This reduction is expected to have a positive impact on the economy. Chiejina said the latest price adjustment is part of the company’s commitment to providing affordable, high-quality fuel to Nigerians, with the goal of easing the financial burden on consumers.
Meanwhile, the landing cost for imported petrol also dropped to N853 per litre, down from N856.75 on Monday. This was revealed in documents from the Nigerian Ports Authority (NPA) and the Major Energies Marketers Association of Nigeria (MEMAN). Between April 8 and 16, six vessels delivered 117,000 metric tonnes of petrol to Lagos and Calabar ports.
An important factor driving the price drop is the return of the naira-for-crude oil deal, which allows local refiners to pay in naira instead of foreign currency. The Ministry of Finance confirmed this in a statement last week, highlighting that the policy is now a long-term strategy to reduce Nigeria’s dependence on foreign exchange and to support local refining.
However, while depot prices are falling, many filling stations are yet to reflect these reductions in their pump prices. Chinedu Ukadike, spokesperson of the Independent Petroleum Marketers Association of Nigeria (IPMAN), said the falling global crude prices and naira-for-crude policy could push petrol prices down to N650–N700 per litre, but businesses are currently absorbing losses.
Oil and gas analyst Olatide Jeremiah echoed this, saying that if the naira-for-crude policy had not been paused earlier, Nigerians would already be enjoying prices below N700 per litre. He noted that Dangote’s price cuts are putting pressure on private depot owners and importers, who now face losses due to higher landing costs.
But not everyone sees the development positively. Billy Gillis-Harry, President of the Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN), warned that unpredictable price changes are destabilizing the market and making it harder for stakeholders to plan.
