Economy

Dangote Refinery Slashes Nigeria’s Petrol Price to 55% Below West African Average

Written by Agboola Oluwafemi on June 2, 2025

News Views: 403

Nigeria’s domestic petrol price is currently 55% lower than the average across West African countries, largely due to local refining by the Dangote Petroleum Refinery. The facility, which sells petrol at between ₦815 and ₦820 per litre, significantly undercuts the regional average of approximately ₦1,600 per litre (\$1).

This revelation was made during a high-level visit to the 650,000 barrels-per-day refinery by the President of the ECOWAS Commission, Dr. Omar Touray. The visit highlighted the refinery’s role in reshaping the region’s energy landscape through large-scale industrialisation and self-sufficiency in fuel production.

The refinery has also driven down the price of diesel, reducing it from ₦1,700 to ₦1,100 per litre, with far-reaching benefits across sectors such as mining and agriculture. These developments underscore the broader economic impact of local refining on Nigeria’s production costs and industrial growth.

Dangote reaffirmed the facility’s capacity to meet Nigeria’s fuel demands and contribute meaningfully to West Africa’s supply, countering earlier doubts. He maintained that Africa’s overdependence on imported goods is economically unsustainable and called for greater intra-African trade and investment in local production capabilities.

In response, ECOWAS officials praised the refinery as a model for regional industrialisation, commending its adherence to international environmental standards such as the Euro V specification.

The Commission pledged support for regional market integration and called for closer cooperation between African governments and private sector players to drive inclusive economic transformation.

The ECOWAS delegation included senior officials overseeing infrastructure, energy, and private sector development, who collectively expressed a strong commitment to fostering industrial growth across the continent through strategic public-private collaboration.