Dangote Refinery Announces Change in Fuel Price

Dangote Petroleum Refinery has reduced the price of Premium Motor Spirit (PMS) to N899.50 per litre, providing much-needed relief for Nigerians during the holiday season. The announcement, made on Thursday morning, follows an earlier price reduction to N970 per litre on November 24, as part of the refinery’s commitment to easing transportation costs and boosting energy affordability. Anthony Chiejina, the Group’s Chief Branding and Communications Officer, emphasized that the move reflects Dangote Refinery’s focus on addressing the needs of the Nigerian populace.

In addition to the price cut, Dangote Refinery introduced an innovative credit scheme, enabling consumers to purchase an additional litre of fuel on credit for every litre bought with cash. The credit facility is backed by Access Bank, First Bank, and Zenith Bank. “This initiative ensures Nigerians can access fuel conveniently and affordably during this festive season,” Chiejina said, highlighting the refinery’s role in alleviating economic pressures.

Situated in Ibeju-Lekki, Lagos, the Dangote Refinery, with its 650,000 barrels per day (BPD) capacity, is the largest single-train refinery globally. Designed to meet 100% of Nigeria’s refined petroleum product demand, the refinery also generates surplus for export, expected to save the country $10 billion annually on fuel imports and earn $5 billion through exports. The state-of-the-art facility is a symbol of Nigeria’s journey toward energy independence, environmental sustainability, and economic transformation.

This announcement comes amid broader developments in Nigeria’s energy sector. The Port Harcourt Refinery, after years of dormancy, has become operational and is now refining petroleum products. Following a $1.5 billion rehabilitation project, the refinery has begun producing 60,000 barrels per day, with plans to scale up operations further. This milestone marks a turning point for Nigeria’s public refineries, which have long struggled with inefficiency and underperformance.

The Port Harcourt Refinery, alongside ongoing rehabilitation at the Warri and Kaduna refineries, reflects the government’s renewed focus on boosting domestic refining capacity. Together, these facilities are expected to reduce Nigeria’s dependency on imported petroleum products significantly. With the combined efforts of private sector leaders like Dangote Refinery and the revival of public refineries, Nigeria is on the path to achieving energy self-sufficiency.

The timing of these developments is critical. Brent crude prices currently hover around $76 per barrel, underscoring the volatility of global energy markets. Dangote Refinery’s strategic pricing and the operationalization of the Port Harcourt Refinery provide stability, offering Nigerians access to quality fuel at competitive prices while mitigating the economic impact of global oil price fluctuations.

As the holiday season approaches, the reduction in PMS prices and the operationalization of the Port Harcourt Refinery are poised to deliver substantial benefits to Nigerians. Transportation costs, which form a significant portion of household and business expenses, are expected to decline, easing the cost of living for millions. This period of transformation in the Nigerian refining landscape signals a new era of growth, sustainability, and self-reliance, where public and private sector efforts converge to deliver lasting benefits to the nation.

With Dangote Refinery’s leadership in innovation and efficiency, combined with the revitalization of public refineries, Nigeria is set to reclaim its position as a refining hub in Africa. This progress not only strengthens the country’s energy security but also promises to unlock significant economic opportunities for its citizens.