Dangote Refinery Cuts Fuel Prices Amid Global Oil Volatility

The Dangote Petroleum Refinery & Petrochemicals reduced ex-depot prices for petrol and diesel multiple times between May 26 and June 1, 2026, to support domestic economic activity and reduce Nigeria's reliance on imports. Petrol prices dropped from N1,275 to N1,250 per litre, while diesel prices were lowered from N1,800 to N1,700 per litre.

These adjustments followed a period of extreme volatility, with the refinery changing petrol prices 15 times since March 1. The price cuts were driven by a slide in global Brent crude prices and the arrival of several imported petroleum shipments at Nigerian ports, which increased competition in the downstream sector. The refinery attributed the moves to improved supply efficiency and increased output from its 650,000 barrels per day facility.

The price shifts occurred against a backdrop of geopolitical tension, including a siege of the Strait of Hormuz by Iran in retaliation for a war launched by the United States and Israel. While the refinery implemented these cuts, it remains in a legal dispute with the Nigerian Midstream and Downstream Petroleum Regulatory Authority over the issuance of import licences to fuel marketers and the Nigerian National Petroleum Company Limited.