Why Petrol Prices Are Dropping — Insights From Dangote Refinery

The Dangote Petroleum Refinery has attributed the recent drop in petrol prices to the naira-for-crude initiative, which has enabled the company to reduce costs at the pump despite global fluctuations in crude oil prices.

In a statement issued on Monday and signed by Group Chief Branding and Communications Officer, Anthony Chiejina, the refinery reaffirmed its commitment to keeping petrol prices stable and affordable for Nigerians.

“We are deeply thankful to President Bola Tinubu for facilitating this through the laudable naira-for-crude policy, which has allowed us to consistently lower the cost of petroleum products for the benefit of all Nigerians,” the statement read.

The company further noted that its ability to maintain price stability, even amid volatile global crude markets, underscores its focus on operational efficiency, sustainability, and delivering high-quality, reliable petroleum products.

“Our approach aligns with the objectives of the Federal Government’s ‘Nigeria First Policy’, which promotes the prioritisation of locally-produced goods and services,” the statement added.

The company highlighted its role as the world’s largest single-train refinery, noting that domestic refining supports Nigeria’s energy security, foreign exchange savings, and economic resilience. This aligns with President Tinubu’s Renewed Hope Agenda aimed at addressing the country’s economic challenges and improving citizens’ welfare.

Dangote Petroleum Refinery affirmed to its stakeholders—comprising consumers, partners, and the government—its unwavering commitment to operational excellence and service to the nation.

The refinery reiterated its dedication to fully realizing and extending the benefits of its domestic refining capacity to the Nigerian populace, concluding that it will continue to prioritize affordability, quality, and national interest in all aspects of its operations.