President of the Dangote Group, Aliko Dangote, has reiterated that the Dangote Petroleum Refinery will keep adjusting petrol prices downward to remain competitive with imported fuel and support price stability across Nigeria.

Speaking to journalists at the Presidential Villa on Monday after a meeting with President Bola Tinubu, Dangote emphasized that the refinery’s pricing strategy is driven by market realities and the need to offer Nigerians more affordable petroleum products.

“We will keep bringing prices down. We have to remain competitive with importers,” he said, noting that the refinery is committed to steady price moderation despite volatility in global crude markets.

Recent Price Reductions

On November 6, 2025, the refinery implemented another round of price cuts:

Petrol gantry price was lowered from ₦877 to ₦828 per litre — a 5.6% drop.

The coastal price fell from ₦854 to ₦806 per litre.

Dangote said these reductions reflect the company’s resolve to stabilize domestic fuel prices and enhance supply across the country.

Smuggling Remains a Major Challenge

Despite the price adjustments, Dangote admitted that fuel smuggling persists, driven largely by the wide price gap between Nigeria and its neighbours.

According to him, domestic petrol prices hover around ₦800 per litre, while several West African countries sell the product for ₦1,500 to ₦1,600 per litre.

“The price difference is huge. No matter how tightly you guard the borders, smuggling will continue because the profit margin is simply too attractive,” he said.

Long-Term Vision, Not Quick Returns

Dangote reassured Nigerians that petroleum products—including diesel and petrol—will remain reasonably priced.

He stressed that the refinery was not established to hastily recover its $20 billion investment but to build a sustainable industrial venture.

“We’re not in a hurry to get back our $20 billion. This is a long-term investment,” he noted.

On the Naira-for-Crude Policy

Dangote also praised the federal government’s Naira for Crude initiative, calling it a “win-win” for the country. He commended President Tinubu and the ministerial committee supervising the policy for their efforts.

However, he revealed that sourcing crude oil remains a hurdle, as many international oil companies prefer selling at a premium on the global market.

“It’s a teething problem,” he said, adding that he expects the issue to be addressed in the new budget cycle.

Refinery Output and Impact

The refinery has informed the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) of its capacity to supply 50 million litres of petrol daily, a volume Dangote said would drastically improve the country’s fuel availability.

He noted that Nigeria has struggled with fuel queues since 1972, but the refinery is now playing a key role in ending decades of scarcity.

For the first time in history, he added, Nigeria is exporting fuel to markets in Europe and the United States.

“By February, we’ll be supplying 15 to 20 million litres more than Nigeria consumes daily. Export will be necessary,” he stated.

Ambitious Expansion Plans

Looking to the future, Dangote disclosed that the refinery has begun preparations for a massive expansion project aimed at becoming the world’s largest by 2028.

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“We’re going to surpass India’s Reliance refinery. They process 1.25 million barrels per day; we will reach 1.4 million barrels per day,” he said.

Groundwork for the expansion is set to begin in January, with Dangote expressing confidence that the project will be delivered on schedule.