BREAKING NEWS: Dangote Refinery Slashes Petrol Price to N865 per Litre

 BREAKING NEWS: Dangote Refinery Slashes Petrol Price to N865 per Litre

By Audoz Buzz Newsroom | April 10, 2025

In a landmark move that is already sending shockwaves across the Nigerian energy market, the Dangote Petroleum Refinery has officially slashed the pump price of Premium Motor Spirit (PMS), popularly known as petrol, to N865 per litre, effective immediately.

This significant reduction—confirmed by refinery officials and corroborated by several major oil marketers—marks the refinery’s first major pricing intervention since commencing full-scale operations earlier this year.

A New Era for Nigeria’s Energy Market

The Dangote Refinery, located in Lekki Free Trade Zone, Lagos, is Africa’s largest oil refinery and the world’s biggest single-train facility. Since its commissioning, Nigerians have waited eagerly for signs of relief in the downstream sector, especially after months of fluctuating pump prices and mounting transportation costs.

Today, that hope became reality.

"This is not just a price cut; it is a statement of intent," said a top-level executive at the Dangote Group, who spoke to Audoz Buzz under anonymity. “We are committed to reducing the burden on everyday Nigerians and ensuring that the country benefits from its local refining capabilities. This price—N865—is just the beginning.”

Why the Sudden Drop?

Multiple sources within the industry point to a combination of increased refining capacity, stabilized crude feedstock supply from local producers, and strategic partnerships with major marketers.

“This move will force other players in the sector to re-evaluate their pricing structures,” said energy analyst Emeka Ogbonna. “Dangote is essentially setting a new benchmark that could trigger a wave of competitive pricing in the market.”

Public Reaction: Relief and Skepticism

Nigerians across the country have already begun reacting. In Lagos, fuel stations affiliated with the refinery have adjusted their meters, drawing large crowds of motorists and commercial drivers.

“I didn’t believe it at first,” said Kemi Ayoola, a Bolt driver in Ikeja. “But when I saw N865 on the pump, I filled my tank. This is a breath of fresh air.”

However, some are still cautious.

"We need to watch and see if this price holds," noted Chukwuemeka Onu, a trader in Onitsha. “We’ve seen prices drop before and shoot back up. But if Dangote keeps this going, it could change everything.”

Implications for the Economy

Experts suggest the price cut could help reduce inflationary pressure, particularly on transportation and logistics. With fuel prices playing a critical role in food distribution, urban transit, and small-scale business operations, the benefits could ripple across sectors.

The Nigerian government has not yet officially commented on the development, but insiders at the Ministry of Petroleum Resources say discussions are underway to explore how this pricing shift could align with broader subsidy reforms.

Conclusion

As queues form at filling stations and the market adjusts to this new reality, one thing is clear: Dangote Refinery’s decision to drop petrol to N865 has redrawn the energy map of Nigeria.

Whether this marks the beginning of a long-term pricing revolution or a short-lived reprieve, Nigerians are watching—closely.

Audoz Buzz will continue to monitor the situation and provide verified updates as they unfold.

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