The pump price of petrol in Nigeria is anticipated to decrease to around ₦300 per litre once the Dangote Petroleum Refinery and other local producers commence large-scale production. According to the Crude Oil Refinery Owners Association of Nigeria (CORAN), achieving this price drop hinges on the government providing sufficient crude oil to local refiners.
CORAN’s Publicity Secretary, Eche Idoko, emphasized that adequate crude oil supply could significantly reduce petrol prices, benefiting Nigerians instead of foreign importers. He highlighted that the recent reduction in diesel costs, thanks to Dangote’s production, supports the potential for similar reductions in petrol prices.
Aliko Dangote announced that with his refinery’s operations, Nigeria would no longer need to import petrol starting in June. He expressed optimism about transforming Africa’s energy landscape, noting that the refinery could meet West Africa’s petrol and diesel needs and the continent’s aviation fuel demand.