Aliko Dangote, the founder and president/chief executive of Dangote Group, has reiterated that his refinery will keep lowering gas prices in order to maintain competitiveness with imports.
Following a meeting with President Bola Tinubu at Aso Rock on Monday, Dangote told State House reporters that the refinery’s continuous pricing adjustments were a component of initiatives to increase the competitiveness of Nigeria’s domestic fuel prices.
“Prices are declining. We must compete with imports, which is why prices must decrease, according to Dangote. He went on to say that despite changes in the price of crude oil throughout the world, Dangote Petroleum Refinery & Petrochemicals is still dedicated to preserving pricing stability.
The refinery reduced the price of its gasoline gantry by 5.6% on November 6, 2025, from ₦877 to ₦828 per litre. Its coastal price also decreased from ₦854 to ₦806 per litre.
Dangote admitted that smuggling remains a major issue despite efforts to reduce fuel prices. Fortunately for us, however, smuggling has not completely decreased. Because the prices in Nigeria are roughly 55% lower than those in our neighboring nations, there is still a significant amount of smuggling, he stated.
He went into detail about the difficulties caused by the large price difference, pointing out that petrol in neighboring nations costs between ₦1,500 and ₦1,600 per litre, while in Nigeria, it costs about ₦800.
“So, people will continue to smuggle because there is so much money to be made, regardless of how you police the borders,” he continued.
Nigerians were reassured by Dangote that petroleum goods, such as gasoline and diesel, would still be offered at fair pricing. He underlined that the refinery’s objective is to create a long-term, sustainable business rather than to swiftly recoup its $20 billion investment.
“It’s a long-term investment; we are not here to make our $20 billion back quickly,” Dangote stated.
Dangote praised President Tinubu’s vision and the efforts of the ministerial committee overseeing the Naira for Crude initiative, characterizing it as a win-win for Nigeria. However, he pointed out that obtaining crude oil from foreign suppliers was one of the difficulties.
Some foreign oil corporations aren’t really prepared or willing to sell for us because Nigerian crude sells at a premium. It’s a teething issue, and I think the government’s new budget will take care of it,” Dangote said.
Additionally, he revealed that the refinery has informed the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) of its capacity to provide 50 million liters of gasoline per day, greatly reducing Nigeria’s protracted fuel scarcity.
Nigeria has struggled with fuel lines since 1972, but Dangote emphasized that his refinery is assisting in the resolution of this problem. Additionally, he noted that Nigeria is now providing fuel to the US and Europe for the first time.
We’ll be able to deliver roughly 15 to 20 million liters more than Nigeria uses by February. Thus, exporting is still necessary,” he stated.
With an ambitious objective of making the refinery the largest in the world by 2028, Dangote disclosed plans for further growth.
“We will defeat Reliance of India.” Our daily production will be 1.4 million barrels, compared to Reliance’s 1.25 million. The required agreements have already been signed, and by January, we will start piling for the expansion. “It will be delivered on schedule,” he continued.
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