Aliko Dangote, President of Dangote Refinery, announced that Nigeria’s price for premium motor spirit has dropped to 55% below the average fuel price in West Africa, thanks to the refinery’s capacity of 650,000 barrels per day.
Dangote made this statement on Sunday following a visit from a high-level delegation led by Dr. Omar Touray, President of the Economic Community of West African States Commission. He noted that Nigerians are reaping the benefits of local refining, as petrol prices have decreased compared to those in neighboring countries.
He emphasized the importance of the region moving away from fuel imports and focusing on local production. “In neighboring countries, the average petrol price is about $1 per liter, which translates to N1,600.
“At our refinery, we are currently selling petrol for between N815 and N820. Many Nigerians may not realize that they are paying only 55 percent of what others in the region are spending on fuel,” he remarked. Touray also praised Dangote for his commitment to the continent by establishing the refinery.
“We commend Alhaji Dangote for his faith in Africa. Such an investment reflects a strong belief in the continent’s potential, and he has a vision for Africa that we should all strive to support,” Touray stated.
The recent price reduction by Dangote Refinery in May 2025 lowered retail prices to N875 and N895 per litre in Lagos and Abuja, respectively.
